E-Financial
Here’s Why Fidelity Bank is Trusted Financial Partner for Nigerian SMEs
Small and Medium scale Enterprises (SME) in Nigeria have a high mortality rate with research pointing that one in every five small businesses will cease to exist in the first five years.
Mrs Nneka Onyeali-Ikpe, chief executive officer, Fidelity Bank
Worse still, SMEs who survive the first few years still face a huge possibility of fizzling out with about only 5% surviving into the medium to long term.
Considering the enormous contributions SMEs make to economies, the disheartening survival rates have set individuals, institutions and governmental bodies alike on a quest to uncover the factors that contribute to the success and failures of SMEs.
The over 500 studies and surveys that have been carried out all highlight similar culprits, with lack of funding often fingered as the major cause for the short life spans of SMEs.
This discovery has therefore led many SMEs on quests for reliable financial partners who would work with them to ensure their sustainability.
Many forward-thinking financial institutions have created products and services tailored to meet the specific needs of these SMEs.
However, Fidelity Bank, a leading financial institution, has fast become a favourite.
A closer look at this Bank’s offerings reveals why many SMEs have put their trust in them.
Studies from different organizations, show that mentorship has a direct impact on the survival and growth of SMEs.
As reported by Forbes, 92% of respondents in a survey carried out among SME owners revealed that mentorship directly impacted the growth and survival of their business and 89% of respondents who had no mentors wished they did.
To address the dearth of mentors available to Small and Medium-Scaled owners, Fidelity Bank created the Fidelity SME Forum.
The platform, which gives SME owners access to the wisdom and experience of industry trailblazers, the 30-minutes radio and Instagram knowledge and experience sharing session started in April 2020 and has impacted many Nigerian entrepreneurs.
Taking the empowerment of budding entrepreneurs a step further, Fidelity Bank instituted the Fidelity SME Academy, a platform through which they provide free capacity building services for prospective and existing customers who are SME owners.
Through this initiative, Fidelity empowers SME owners and ensures the sustainability of their enterprises.
The academy helps budding entrepreneurs manage their businesses better through an array of solutions including: tailored business advisory services, HR services, Audit services, Technology services and Sales services, amongst others.
Management is at the heart of every sustainable business, and no one knows this better than Fidelity Bank, an institution that has been changing the financial scene for the past 33 years.
Empowering others to thrive the way it has, Fidelity Bank has done more than provide access to the knowledge these SME owners need.
It has equipped them with the tools they also need to ensure proper management of their operations. One of such tools is the Low-cost Account offerings.
Through these offerings, Fidelity Bank has made it easier for SMEs to manage their funds better.
This initiative, coupled with the bookkeeping and accounting services the Bank offers under the SME Academy, makes it easier for SME owners to keep track of their inflows and outflows.
An added advantage of this SME offering is the increased access to formal credit SMEs have by reason of these accounts. Generally, investors do not invest except there are records to prove the business’ viability and profitability.
By removing the constraining charges from SME Account offerings, Fidelity Bank has made owning an account at the seedling stage desirable to SMEs and consequently armed them with the records they will need when trying to court investors.
Fidelity Bank is one of the financial institutions that have realized that empowering SMEs is tantamount to empowering the economy.
Through its many initiatives, Fidelity Bank has changed the narratives for not just small businesses but for Nigerians who would otherwise be unemployed if these SMEs fail and for the Nigerian economy.
In line with passion and aspiration of the National Insurance Commission (NAICOM) to achieve financial inclusion among Nigerians especially Nigerian women, Leadway Assurance, has partnered with Wafira Ntaba Limited a marketing firm to launch a bespoken insurance policy for Nigerian women.
The product, Leadway Plan B Insurance policy, comes in simplified and affordable packages for as low as N26,000 per quarter, broadening financial inclusion and income protection for women-led small to medium-sized enterprises and lifestyle protection for women across different social strata in Nigeria.
Speaking at the media launch of the product, Leadway ‘s Director Sales, Retail and Partnership, Kike Fischer, shed light on the market approach for the Plan B product, saying “one uniqueness of the Plan B product is in its single-wide coverage from risks and perils related to auto insurance, healthcare, personal accident, fire, burglary, life insurance and education cutting across its different product packages – SME, Corporate and Premier packages.”
Also speaking, the visioner behind the Plan B Insurance for Nigerian women, Ayona Aguilera Trimnell shared the inspiration behind the products saying, “Plan B is an idea that has been in development for 10 years.
“As I began exploring insurance products aimed at women in other countries, I recognised the need for an insurance product that promotes financial inclusion in Nigeria, specifically for women. I believed we could create something that addresses their unique concerns.
Women need to understand how insurance can alleviate their worries and the benefits of being insured. I have personally enjoyed the advantages of insurance for over fifteen years, and I believe other women should have the opportunity to experience the same benefits.”
She said both partners could simplify the benefits of the plan B insurance product to help even the uneducated, understand and be convinced to secure their future by becoming a policyholder.
According to her, it has been proven and tested that women too buy insurance, but more women need to be aware and get insured.
On the market approach for the Plan B product, she said she was confident that these products would help women of all classes in Nigeria create and protect wealth, recover from economic challenges, pursue their purposes, and lead their families with peace of mind.
Sage Grey Finance Limited has joined forces with the Bank of Industry to provide accessible and affordable financing solutions for Micro, Small, and Medium Enterprises (MSMEs) in Nigeria.
This partnership, announced in Lagos, aligns with the Federal Government’s MSMEs Fund and aims to bridge the $236 billion funding gap faced by small businesses, fostering economic growth and job creation.
Eligible MSMEs can access loans of up to ₦5 million at a competitive 9% annual interest rate, with loan processing completed within five working days.
The initiative also includes SME advisory services to equip businesses with tools for sustainable growth.
Executive Director Jumo Atiba emphasized the critical role of MSMEs in national development, highlighting the partnership’s potential to stimulate entrepreneurship and unlock grassroots economic potential.
This collaboration reflects Sage Grey Finance’s commitment to financial inclusion and sustainable development.
The partnership builds on Sage Grey’s history of impactful initiatives, including a $200 million gas processing plant project and youth empowerment programs.
By addressing the challenges of financial exclusion, this collaboration is set to drive inclusive economic progress across Nigeria.
It has not been a pleasant week for thousands of Nigerians who have again fallen for another money scam.
According to DUBAWA, a West African independent verification and fact-checking project, several persons on various social media platforms have begun to count their losses as CBEX, a popular digital asset trading platform, reportedly wiped out over N1.3 trillion from Nigerian investors’ accounts.
The platform collapsed after funds disappeared from users’ wallets, withdrawals were postponed, and communication channels were locked.
Taiwo Owolabi, a security analyst, recently released an analysis showing how investors’ funds were diverted through funnel wallets and finally into a central wallet, which now holds a total of $857 million in USDT.
The security expert concluded that CBEX was just another Ponzi scheme.
When CBEX promised a mouth-watering 100 per cent return on crypto investments in 30 days, many Nigerians rushed to invest just like they did with the defunct MMM.
However, despite the crash, CBEX has asked some investors to pay $100 and $200 verification fees to access partial withdrawals.
Now that the chips are down, it’s time to ask: “How did we not see this coming?”
Below are four red flags about CBEX that investors ignored.
- No regulatory approval
CBEX operated without registration or approval from the Securities and Exchange Commission (SEC) or the Central Bank of Nigeria.
Still, many Nigerians invested, assuming legitimacy because the platform looked flashy. This has become a pattern, as in previous cases where Nigerians got duped, the platforms were unregistered.
SEC has since warned Nigerians against investing in unregistered online forex and digital asset platforms, saying that operating such businesses without registration is now illegal under the new Investment and Securities Act (ISA).
Lesson: Always verify a platform’s regulatory status before putting your money in.
- Anonymous founders
CBEX’s website and Application did not list identifiable owners or executives. To gain credibility, CBEX masqueraded as a crypto platform, talking about “blockchain,” “trading bots,” and “AI-powered systems.” However, it had no verifiable trades or links to legitimate crypto exchanges. It used tech jargon to mislead its users.
Lesson: Transparency is a minimum requirement. If you don’t know who runs it, don’t trust it.
- Unrealistic returns on investment, withdrawal issues
While there is no ideal return on investments (ROI), excessively high ROIs or ones that appear too good to be true are usually a call for caution.
CBEX promised investors returns of up to 100 per cent in 30 days. That looks like a classic Ponzi red flag.
As seen in the past, these kinds of returns are unsustainable, but they remain effective bait that can appeal to anyone’s greed.
At first, CBEX worked. Users were getting paid even though Owolabi claimed the platform initially used one investor’s money to pay another until it could not.
Just before the crash, many users reported delays in withdrawing their funds. CBEX blamed this on “system upgrades” and “network issues,” which is a tactic common with failing schemes.
Lesson: High, guaranteed returns are a red flag, and consistent withdrawal delays indicate that the system is drying up. That’s usually when the exit strategy begins.
- Influencer endorsements and peer pressure
The Fear Of Missing Out (FOMO) does not respect age, especially when influencers, friends, and families are involved. However, the misuse of trust through misinformation is common in fraud schemes.
CBEX’s biggest marketing weapon was social media hype and word-of-mouth pressure. The platform relied heavily on trust networks.
From WhatsApp statuses to Facebook pages and TikTok videos, CBEX grew viral through a coordinated network of testimonials. People shared real and fake proof of payment screenshots and emotional success stories.
When friends and family members innocently vouched for it, people ignored other red flags and pumped money into the scheme.
Lesson: Social proof is not due diligence. Always investigate platforms independently, even if people you trust are involved.
Conclusion
CBEX’s collapse is not new; unfortunately, it may not be the last. DUBAWA urges investors to adopt a fact-checking mindset when approached with financial opportunities. Scams thrive on ignorance and trust. Our best defence is verification, not hope.
DUBAWA is a West African independent verification and fact-checking project, initiated by the Centre for Journalism Innovation and Development (CJID) and supported by the most influential newsrooms and civic organisations in West Africa to help amplify the culture of truth in public discourse, public policy, and journalistic practice.
It has a presence in Nigeria, Ghana, Sierra Leone, Liberia and The Gambia.
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