Leading financial institution Fidelity Bank Plc has called on Small and Medium-scale Enterprises (SMEs) to embrace digital solutions, maintain sound financial management practices and adopt structured business models to enhance competitiveness and drive sustainable growth.
The call was made at the Fidelity Bank SME Quarterly Business Forum held recently in Lagos themed, “Build to Compete: Positioning Lagos Businesses for Sustainable Growth.”
The forum brought together entrepreneurs, business owners, industry experts, and representatives of the Nigeria Revenue Service (NRS) to discuss practical strategies for strengthening SMEs through digital innovation, improved financial management, trade financing and regulatory compliance.
Speaking at the event, the Regional Bank Head, Ikeja, Fidelity Bank Plc, Mr. Jude Monye, who represented the Executive Director, Lagos and South-West, Dr. Ken Opara, described Lagos as a dynamic business hub with immense growth opportunities despite prevailing economic and operational challenges.
According to him, while Lagos remains one of Africa’s most vibrant commercial centres, entrepreneurs must navigate rising operating costs, intense competition, shifting consumer preferences, infrastructure limitations and working capital constraints.
“Yes, there are challenges, but that is why we are here, to see how we can guide you, support you, and make sure that you bring your dreams to fruition. Building a competitive business in this environment requires more than ambition. It requires reliable products, consistent service, proper records, disciplined cost management, efficient inventory control and a deep understanding of customers,” Monye said.
He further emphasised the role of technology in improving business performance and decision-making.
“Digital tools can support entrepreneur’s business process by providing them with clearer information on sales, inventory, expenses and profitability. A business owner who understands the true position of the business is better equipped to make the right decisions,” he stated.
Monye also underscored the importance of maintaining proper financial records and separating business finances from personal expenses, noting that these practices are critical to long-term sustainability and access to financing. He reaffirmed Fidelity Bank’s commitment to supporting entrepreneurs with innovative banking solutions, capacity-building initiatives and access to capital.
In her remarks, the Divisional Head, SME Banking, Fidelity Bank Plc, Mrs. Ugochi Osinigwe, described SMEs as the backbone of Nigeria’s economy and highlighted the forum’s role as a platform for knowledge sharing, networking and business development.
“At Fidelity Bank, we are committed to helping entrepreneurs build, scale and transform their businesses into profitable and sustainable enterprises. Innovation and digital transformation are important parts of that journey, particularly in an increasingly competitive business environment,” she said.
Osinigwe encouraged participants from sectors including trade and distribution, manufacturing, maritime and logistics, technology, hospitality, financial services and the creative industry to leverage the bank’s financing solutions, advisory services and strategic partnerships to strengthen their operations and unlock new growth opportunities.
Also speaking at the forum, the Head of Audit, Surulere Division, Nigeria Revenue Service (NRS), Dr. Ibrahim Olalere, stressed the importance of tax compliance and effective record-keeping in building sustainable businesses.
“Business owners must understand that tax compliance is an essential part of running a structured and sustainable enterprise. Maintaining accurate financial records and understanding their tax obligations will help SMEs operate more efficiently and avoid unnecessary compliance challenges,” he stated.
While commending Fidelity Bank for creating a platform that addresses the practical realities faced by entrepreneurs, the Managing Director/Chief Executive Officer of Emosh Foods, Mr. Oshiokpelua Osiga, also noted that sustainable business growth requires more than a great product.
“Growing a business requires more than having a good product. Entrepreneurs need access to the right information, financing and networks to scale sustainably. Forums like this provides valuable opportunities to learn, exchange experiences and identify solutions that can help businesses become more competitive,” he noted.
Now in its third edition, Fidelity Bank’s SME Quarterly Business Forum is rapidly evolving into a key part of the bank’s broader commitment to empowering entrepreneurs with the knowledge, tools and resources needed to grow sustainable enterprises and contribute meaningfully to Nigeria’s economic development.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged commercial deposit money bank serving over 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is a recipient of multiple local and international awards, including the 2025 Development Bank of Nigeria (DBN) Innovation Award for MSME support; Best Retail and SME Bank Award from Independent Newspapers; Best Bank for Export & Trade Finance and Most Innovative Bank of the Year at the 2025 BusinessDay Banks and Financial Institutions (BAFI) Awards; and Nigeria’s Best Private Bank at the 2025 Euromoney Awards. The Bank also received the inaugural Most Improved Commercial Bank of the Year award by Nairametrics, the SME Bank of the Year award by NewsDirect, and the Straight-Through Processing (STP) Excellence Award by Citi Group, in addition to recognition by Global Brands Magazine for Excellence in Community Empowerment.
