Fidelity Bank has entered into a $50 million financing agreement with the African Development Bank (AfDB) to provide support for small and medium enterprises (SMEs) in Nigeria, with 30% of the fund earmarked for female entrepreneurs. This initiative was disclosed by the bank’s Managing Director/CEO, Nnamdi Okonkwo, during a customer engagement event at the Balogun Business Association rally in Lagos.

Okonkwo emphasized the bank’s commitment to understanding and meeting the needs of its customers, especially SMEs, noting that Fidelity Bank has long been a strong supporter of the sector. He highlighted that many SME clients already benefit from intervention loans with interest rates as low as 9%, and that the new AfDB fund would offer similar opportunities. For those who don’t qualify for single-digit loans, the bank aims to provide commercial-rate loans as an alternative.

Okonkwo also noted the importance of gender inclusion, stating that the allocation of 30% of the AfDB funds to female entrepreneurs aligns with Fidelity Bank’s commitment to gender balance. He pointed out that the bank has the highest number of female executive directors compared to other Nigerian banks, reinforcing its status as a gender-sensitive organization.

Discussing the bank’s relationship with the Balogun Business Association, Okonkwo explained that Fidelity Bank is focused on supporting SMEs, which form the backbone of trade and commerce in Nigeria. The bank’s regular customer engagement initiatives, like the rally, help it maintain close ties with its clients and ensure their needs are met.