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Fidelity Bank Unveils SME Funding Connect

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L-R: Divisional Head, Brand and Communications, Fidelity Bank Plc, Charles Aigbe; Divisional Head, Managed SMEs, Fidelity Bank Plc., Osaigbovo Omorogbe; Executive Director, Lagos and South West, Fidelity Bank Plc, Nneka Onyeali-Ikpe; Advisory Partner & Chief Economist, PricewaterhouseCoopers (PWC), Dr Andrew Nevin; Senior Manager, Advisory – Deals, PricewaterhouseCoopers (PWC), at a press conference in Lagos to unveil the forthcoming Fidelity SME Funding Connect – Lagos themed: Entrepreneurship meets Capital on Wednesday.
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Fidelity Bank Plc has unveiled a platform that will connect Founders and Funders of small businesses.

 

The programme tagged ‘Entrepreneurship meet capital’ will be held in some locations across the country.

 

The Bank with penchant for SME support is partnering working with PricewaterhouseCoopers (PwC) for the selection processes to ensure transparency.

 

Disclosing this Wednesday in Lagos,  Mr Nnamdi Okonkwo, Managing Director, Fidelity Bank, said that the bank came up with the initiative to deepen funding, which remained the biggest challenge faced by small businesses.

 

Okonkwo who was represented by the Executive Director, Lagos & South West, Mrs Nneka Onyeali-Ikpe, said the initiative was aimed at providing funding for SMES through the bank’s funding partners, venture capital and Angel investor, among others.

 

“Fidelity Bank is SME-friendly and we deemed it necessary to do something that directly affects our base as a bank.

 

“We have a lot of SME customers who we have worked with and some that we are still working with, and a lot of us know that the SMEs are the engine of any economy that is growing,” Okonkwo said.

 

He said there were over 40 million registered SMEs in Nigeria, noting that SMEs contributed 80 per cent of the workforce and could not be ignored.

 

Also speaking, the Divisional Head, Managed SMEs, Mr Osaigbovo Omorogbe,  said events for the funding of the SMEs would be carried out in Lagos, Port Harcourt, Kano and one other location to be determined by the bank.

 

Omorogbe said the Lagos event titled ‘Entreprenurship Meets Capital’ or ‘Founders meet Funders’ would take place on Aug. 7.

 

He said the funding partners would provide equity capital for SMEs to strengthen growth and development.

 

“We are not launching a fund, we are not looking to sell any fund to SMES on this paltform. We are creating a platform for everybody in SMEs’ ecosystem to participate,” Omorogbe stated.

 

He said the programme had six focus sectors: manufacturing, technology, entertainment, lifestyles, agriculture value chain among others.

 

He, however, said the funding would be anchored by PwC, stressing that Fidelity Bank was not a funding platform but creating a platform for every SME to meet funds providers.

 

The Fidelity Bank SMEs Funding Connect has 3,000 participants, 60 fund providers, 60 founders, N12 million in grant, six breakout sessions and three networking cocktails.

 

Omorogbe said the bank had disbursed N2.3 billion under the Central Bank of Nigeria N220bn SME fund programme.

 

On his part, the Chief Economist and Partner, PwC (Nigeria) Mr Andrew Nevin, noted that the programme could develop more SMEs, which would in turn contribute to the development of the economy.

 

“For the past two years, the Nigerian economy has suffered and it has been difficult for banks to lend to the private sector but Fidelity Bank has risen up to the occassion and should be given credit for what they have done in the SME sector, which is the engine room of every economy.

 

“From the PwC perspective, we are proud to be part of the initiative and we would also want every state involved to be successful, and not only Lagos, so that they can contribute to the growth of Nigeria,” Nevin said.

 

 


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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

E-Business

South Korea Joins List of Countries Banning DeepSeek over Security Concerns

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South Korean authorities have temporarily blocked new downloads of the DeepSeek artificial intelligence (AI) app, citing concerns over the company’s handling of user data.

South Korea Joins List of Countries Banning DeepSeek over Security Concerns

The country’s Personal Information Protection Commission (PIPC) announced the decision on Monday, saying that the Chinese AI startup had failed to fully comply with South Korea’s data protection laws.

According to PIPC, DeepSeek recently appointed legal representatives in South Korea and admitted to partially neglecting regulatory considerations regarding user privacy.

“The Chinese startup appointed legal representatives last week in South Korea and had acknowledged partially neglecting considerations of the country’s data protection law,” the PIPC said.

The commission added that the app’s service would resume once the company implements improvements in accordance with national privacy laws.

According to Reuters, when asked about South Korea’s move, a spokesperson for China’s foreign ministry said the Chinese government prioritises data privacy and security, ensuring compliance with legal standards.

The spokesperson also said China does not require companies or individuals to collect or store data in violation of laws.

The ban follows similar actions by other governments.

On February 4, Australia prohibited the use of DeepSeek on government devices due to security concerns.

Italy’s privacy regulator recently blocked the AI service, citing the company’s failure to address data policy issues.

Taiwan has also warned about potential risks related to cross-border data transmission and information leaks.

Also, regulators in Ireland and France have launched investigations into DeepSeek’s data-handling practices.

DeepSeek gained global adoption for its advanced human-like reasoning capabilities and open-source model.

In January, it surpassed OpenAI’s Chatgpt as the most downloaded free app on the Apple store.

 

 


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AU Endorses Nigeria as AfCFTA Digital Trade Champion

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The African Union (AU) has officially designated Nigeria as the Digital Trade Champion under the African Continental Free Trade Area (AfCFTA) Digital Trade Protocol, citing the country’s leadership in digital enterprise and innovation.

The endorsement came at the 38th Ordinary Session of the Assembly of Heads of State and Government, which concluded on Sunday in Addis Ababa.

Nigeria’s proactive role in advancing the digital trade protocol, adopted in February 2024, was a key factor in the decision.

The AfCFTA Digital Trade Protocol encompasses eight annexes covering crucial areas such as rules of origin, digital identities, cross-border data transfers, online safety, and financial technology. The protocol is expected to provide a robust framework for Africa’s digital economy.

According to a statement issued on Monday by Special Adviser to the President on Information and Strategy, Bayo Onanuga, former President of Niger Republic and AU AfCFTA Champion, Mahamadou Issoufou, praised Nigeria’s leadership, particularly for convening the Digital Economy Roundtable in January.

“No organization, region, or continent has negotiated or adopted such a comprehensive legal instrument on digital trade, positioning the African continent to benefit from the digital economy for innovation and job creation,” Issoufou said in his progress report to the AU Assembly.

He also highlighted Africa’s growing influence in digital innovation, particularly in mobile banking and financial technology, and noted that the protocol would create an enabling environment for young African entrepreneurs.

“The AfCFTA Protocol on Digital Trade will establish a conducive environment for these young people to fully participate in Africa’s digital economy,” Issoufou added.

Reflecting on the roundtable in Abuja, he commended President Bola Tinubu and his administration for facilitating discussions with key stakeholders.

“The Roundtable was attended by young pioneers in Fintech, mobile banking and other areas of the digital economy. It was evident from the discussions that young people are eager to take advantage of Africa’s digital economy through the AfCFTA Protocol on Digital Trade”, he said.

Speaking at the AU summit, Nigeria’s Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, described the AU’s endorsement as a milestone in Africa’s economic development.

“Africa has demonstrated global leadership by pioneering the first-of-its-kind AfCFTA Protocol on Digital Trade—establishing a comprehensive regulatory framework,” Dr. Oduwole stated.

She emphasized that the protocol is a “game changer” for the continent, predicting that it would generate millions of jobs, contribute billions to Africa’s GDP, and attract significant investments in digital infrastructure.

 


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Schmidt, Ex Google Chief Says AI Risky in Terrorist Hands

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Eric Schmidt, former Google CEO
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Eric Schmidt, former Google CEO has expressed concerns about the extreme risks posed by artificial intelligence (AI) falling into the hands of terrorists or rogue states.

Schmidt, Ex Google Chief Says AI Risky in Terrorist Hands

Eric Schmidt, former Google CEO

He warned that nations such as North Korea, Iran, and Russia could adopt AI technologies to develop weapons capable of causing significant harm, including biological weapons.

Schmidt urged governments to oversee private tech companies, emphasising, “The real fears I have are not the ones most people discuss about AI, I talk about extreme risk.”

“I’m always worried about an ‘Osama Bin Laden’ scenario, where truly evil individuals take control of some aspect of modern life to harm innocent people,” he added.

With private companies driving AI advancements, he stressed the need for careful government monitoring and regulation. “It’s really important that governments understand what we’re doing and keep their eye on us,” he said.

His remarks followed a two-day AI summit in Paris, where the UK and the U.S. declined to sign a communiqué outlining the future direction of AI. The declaration on “inclusive and sustainable artificial intelligence for people and the planet” was endorsed by 57 countries, including India, China, the Vatican, the EU, and the African Union Commission.

The UK justified its decision, stating that the agreement lacked “practical clarity” on global AI governance and national security concerns.

Schmidt supports U.S. export controls restricting the sale of advanced AI microchips to certain countries, aiming to slow adversaries’ progress in AI research.

He also highlights the importance of international collaboration on AI safety, suggesting that cooperation with nations like China is essential to addressing global AI challenges.

 

 


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