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Fidelity Bank to Launch Dedicated SME Hub for Small Businesses and Creative Entrepreneurs

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Fidelity Bank, a leading financial institution, has announced the imminent launch of its dedicated physical facility for Small and Medium-scale Enterprises (SME) and entrepreneurs in the creative sector.

Mrs. Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc

Mrs. Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc

Known as the Fidelity SME Hub, the multipurpose facility features training halls, meeting rooms, networking spaces, podcast rooms as well as music, photography and content production studios.

“For nearly four decades, Fidelity Bank has been at the forefront of supporting small businesses in achieving their potential and driving the nation’s economy. During this time, we have recognized that SMEs require more than just financial assistance. This realization has led to the implementation of various non-financial initiatives tailored to support this sector.

“The Fidelity SME Hub is our latest non-financial solution for SME growth. The facility is designed to foster innovation, collaboration, and capacity-building -vital elements necessary for strengthening Nigeria’s SME ecosystem and driving economic growth”, commented Dr Nneka Onyeali-Ikpe, Managing Director/Chief Executive Officer, Fidelity Bank Plc in a chat with journalists recently.

Located at the heart of Lagos, the Fidelity SME Hub will provide entrepreneurs with networking and stakeholder engagement initiatives as well as access to industry experts and mentors for hands-on guidance and business advice. A key feature of the facility is the Creativerse, a well-equipped space for entrepreneurs in the creative industry.

The bank has also announced the launch of dedicated courses to be hosted at the SME Hub in areas such as Financial Management & Investment Readiness, Digital Transformation & Technology Adoption, Marketing, Branding, and Business Growth Strategies. Furthermore, a fully-fledged creative academy will be established to cover courses on Music Production, the Business of Music, Website Design & Development, Mobile Videography, Disc Jockey and Photography. To see a comprehensive list of available courses or to apply, please visit https://www.fidelitybank.ng/smehub/.

Explaining further, Onyeali-Ikpe said, “Beyond empowering small businesses, the Fidelity SME Hub will also serve to bolster our non-oil exports drive as we empower SMEs to increase their contribution to Nigeria’s non-oil GDP thus supporting government’s economic diversification drive. Through our investment in Creativerse in particular, we anticipate that content creators will unlock new revenue streams in entertainment, digital media, and arts, an industry already contributing 2.3% to GDP.”

Ranked among the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank serving over 8.5 million customers through its 255 business offices in Nigeria and the United Kingdom, as well as through digital banking channels.

The bank has garnered multiple local and international awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, Best Payment Solution Provider Nigeria 2023, and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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General News

Nigeria’s BNPL Market is Projected to Value @ $2.6B by 2030

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Nigeria’s Buy Now, Pay Later (BNPL) market is on a fast-growing trajectory and is predicted to be valued $2.61 billion by 2030, up 83% from $1.42 billion in 2024, owing primarily to the rapid emergence of fintechs in the country.

This observation was stated in EnterpriseNGR’s State of Enterprise 2025 report, which focuses on how fintechs are reshaping Nigeria’s business landscape through digital innovations, accessible credit systems, and mobile-first financial tools.

As a credit system, BNPL allows users to stagger payments for products and services, making it a key development driver in Nigeria’s developing digital economy.

From 2021 to 2024, the BNPL experienced a compounded annual growth rate of 23.1%. Fintechs have contributed to the rapid growth by providing a range of flexible loan alternatives for e-commerce, retail, and services, bridging financial gaps for millions of disadvantaged Nigerians.

The report highlights how fintechs have contributed to Nigeria’s flexibility and resiliency by simplifying digital payments, automating invoicing and payroll systems, and democratising credit through platforms such as Renmoney and FairMoney.

The report also shows a significant rise in remittance inflows into Nigeria following the Central Bank of Nigeria’s 2024 policy adjustments.

According to the report, by 2024, Nigeria boasted over 400 licensed digital lenders who extend collateral-free credit to those commonly excluded by banks.


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FG, Netherlands Partner on Digital Migration for NIS

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The Nigeria Immigration Service (NIS) strengthened bilateral relations with the Netherlands’ government through an agreement targeted at improving migration governance and border security.

This partnership was confirmed during a meeting at the NIS headquarters in Abuja, which was attended by a Dutch team led by Jurgen Bartelink, Chargé D’Affaires of the Embassy of the Netherlands in Nigeria.

The meeting focused on increasing bilateral migration cooperation and came after the comptroller general of Immigration, Kemi Nandap, paid a working visit to the Netherlands.

Under the agreement, the Dutch government pledged to continue supporting technology-driven solutions targeted at boosting Nigeria’s border control systems and improving migration management.

During the Netherlands Embassy diplomats handed over essential operational tools, such as Edison Software licence keys and the Passport Examination Programme Manual App.

According to NIS spokeswoman ACI Akinsola Akinlabi, “The partnership focuses on enhancing bilateral collaboration on migration management and reviewing ongoing capacity-building efforts.”

Bartelink, Chargé d’Affaires of the Netherlands Embassy in Nigeria, underlined the Netherlands’ commitment to helping Nigeria’s continuing border security and migration reforms.

Also speaking, Rob Bokhoven, head of international affairs, repatriation, and deportation services at the Dutch Ministry of Justice and Security, emphasised the country’s strong bilateral relations and announced plans to share a mobile border software solution with the NIS.

Receiving the equipment, Nandap said the delivery of the gadgets would boost West African country’s border security, significantly improve the service’s document verification border management capabilities and support the implementation of Nigeria’s National Migration Policy.

“The engagement will further reinforce the strategic partnership between Nigeria and the Netherlands advancing shared goals in migration governance, border security and international cooperation,” she added.


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AfDB Cuts Nigeria’s Growth Projection to 3.2%

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Peter Enogb, principal country economist, African Development Bank (AfDB), says the rise in global uncertainty, emanating from increases in global trade tariffs, has slowed Nigeria’s projected growth to 3.2% in 2025.

“Without this level of heightened uncertainty, our projections would probably have been somewhat higher. We’ve reduced our projections for Nigeria. We initially were projecting 3.5% – 3.6% growth in 2025.

“But given the current situation, our models are showing that we’re taking a more cautious approach. So that’s why we produced this and, of course, the main driver is uncertainty in the global economy,” Enogb said.

He said this at the launch of the 2025 Nigeria Country Focus Report (CFR) on Thursday.

AFDB projected that real GDP growth would hit 3.1% in 2026. Following the 2024 consumer price index (CPI) rebasing, with lower weights for food items, the inflation rate is expected to reduce over the medium term to 24.7% in 2025 and 17.3% in 2026.

As imports start to rise over the medium term, the current account is projected to decline to 3.9% of GDP in 2026.

The National Bureau of Statistics (NBS) reported that Nigeria’s headline inflation slowed for the second consecutive month to 22.97% in May. This is down from 24.48% at the start of the year

This is contrary to the World Bank projection that Nigeria’s economy would record steady growth of 3.6% despite the shift in the global trade dynamics.

Joseph Ogebe, head of research and development at Nigerian Economic Summit Group (NESG), also said that global uncertainty had been very high in recent times, resulting from the Trump 2.0 effect.

“And also with the recent war between Israel and the international community, we’ve seen what’s happening to oil prices. Even with the call-off of the war, we’ve seen the effect on oil prices too, which has implications on the fiscal side. So it has implications for the general economy,” he said.

The head of research at NESG said that rather than focusing on just growth, what should be looked at is a strategy called growth with depth.

“Growth with depth means that your growth must be diversified, export-led, productive, and technologically driven,” he said.

Ogebe said that if the Government works towards adopting a strategy of growth with depth, there is a tendency for the government to move towards its goal of achieving a $1 trillion economy by 2030.

The report revealed that the country’s recent policy moves, including fuel subsidy removal, exchange rate unification, and tax reforms, reflect a commitment to long-term transformation.

However, it also pointed out that at about 13%, Nigeria’s tax-to-GDP ratio is among the lowest in West Africa, noting that fiscal reforms are urgent.


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