July 29, 2019

Fidelity Bank to fund SMEs with N12 million grants

IFRS, banks


By Elizabeth Adegbesan

FIDELITY Bank in partnership with PwC Nigeria, a  tax and advisory services company, weekend, said it is set to fund SMEs with N12 million grant in its Fidelity Small and Medium Enterprises (SMEs) Funding Connect Series.



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The bank also said that, at the final series of the event, three finalists will be rewarded a grand sum of N2 million (1st position) and N1 million each for the 2nd and 3rd positions respectively.

The Executive Director Shared Services and Products, Mrs. Chijioke Ugochukwu, disclosed this at the Fidelity SME Forum on Inspiration FM, Lagos.

According to Ugochukwu, the event which will kick off in Lagos on August 7, 2019, is focused on funding. She said: “The event is focused on funding because in the course of our work, we have realised that aside capacity issues, funding is a major issue. So we try to create a platform where the supply and demand sides of the equation would meet. Supply meaning the fund providers while the demand side means the founders/entrepreneurs.

“The entire series will be in Lagos, Port-Harcourt, later this year and in Kano early next year and we anticipate that across the three series we will have at least 3,000 participants, 10,000 SMEs,  that will come in contact with 60 founders, 60 entrepreneurs and in total we are looking at N12 million in grants and across the entire series of the six breakout session in networking cocktails. The three capacity building sessions will be with fund providers, founders on one hand, model entrepreneurs, founders and subject matter experts.

“The five finalists get a chance to pitch the entire forum on August 7.  So the five finalists will be live at the event and they will speak to the house about their ideas and three winners will emerge. The first prize will be N2 million and two consolation prizes of N1 million each.”

Explaining the stages of participating in the series, Femi Osinubi,  Partner / Experience Centre & Emerging technologies Leader,  PwC  Nigeria, said:  “To attend the event, you are to register by visiting the dedicated website for the bank which is and of course also via the event app which you can download from Google play stores for android phone users and the RS app store for apple users.”