Fidelity Bank Plc has urged small and medium-sized enterprises (SMEs) to adopt digital solutions, strengthen financial management and establish structured business operations to improve competitiveness and achieve sustainable growth.
The call was made at the bank’s SME Quarterly Business Forum held recently in Lagos under the theme, “Build to Compete: Positioning Lagos Businesses for Sustainable Growth.”
The event brought together entrepreneurs, business owners, industry experts and representatives of the Nigeria Revenue Service (NRS) to discuss strategies for strengthening small businesses through digital innovation, improved financial management, trade financing and tax compliance.
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Speaking at the forum, Fidelity Bank’s Regional Bank Head, Ikeja, Mr. Jude Monye, who represented the Executive Director for Lagos and the South-West, Dr. Ken Opara, described Lagos as a major commercial centre with significant opportunities for business growth despite prevailing economic challenges.
Monye noted that businesses operating in the state face several difficulties, including rising operating costs, stiff competition, changing consumer preferences, infrastructure constraints and limited working capital.
He said entrepreneurs needed practical guidance and support to navigate these challenges and build competitive businesses.
“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 also highlighted the importance of technology in improving business operations, tracking performance and supporting informed decision-making.
According to him, digital tools can help business owners monitor sales, inventory, expenses and profitability, providing a clearer picture of their financial position.
Monye added that entrepreneurs who understand their businesses’ financial performance are better positioned to make sound decisions and respond to changing market conditions.
He further stressed the need for SMEs to maintain accurate financial records and separate personal expenses from business finances, describing these practices as important for long-term sustainability and access to financing.
The Fidelity Bank executive reaffirmed the bank’s commitment to supporting entrepreneurs through banking solutions, capacity-building programmes and access to capital.
In her remarks, the Divisional Head of SME Banking at Fidelity Bank Plc, Mrs. Ugochi Osinigwe, described SMEs as a major pillar of Nigeria’s economy.
She said the quarterly forum was designed to provide entrepreneurs with opportunities to exchange ideas, build professional networks and acquire knowledge that could support 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,” Osinigwe said.
She encouraged participants operating in trade and distribution, manufacturing, maritime and logistics, technology, hospitality, financial services and the creative industry to explore the bank’s financing options, advisory services and strategic partnerships to strengthen their businesses and identify new growth opportunities.
Also speaking at the event, the Head of Audit, Surulere Division, Nigeria Revenue Service, Dr. Ibrahim Olalere, emphasised the importance of tax compliance and proper record-keeping for sustainable business operations.
Olalere said business owners needed to understand their tax obligations and maintain accurate financial records to improve operational efficiency and avoid unnecessary compliance difficulties.
“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 said.
The Managing Director and Chief Executive Officer of Emosh Foods, Mr. Oshiokpelua Osiga, commended Fidelity Bank for organising the forum and providing a platform to address practical challenges facing entrepreneurs.
Osiga noted that building a successful business required more than offering a good product, stressing the importance of access to financing, relevant information and business networks.
“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 provide valuable opportunities to learn, exchange experiences and identify solutions that can help businesses become more competitive,” he said.
Now in its third edition, Fidelity Bank’s SME Quarterly Business Forum forms part of the bank’s broader efforts to equip entrepreneurs with knowledge, tools and resources to develop sustainable businesses and contribute to Nigeria’s economic growth.
Fidelity Bank Plc is a commercial deposit money bank serving more than 10 million customers through digital banking channels and 255 business offices. The bank also operates a United Kingdom subsidiary, FidBank UK Limited.
The bank has received several local and international awards, including the 2025 Development Bank of Nigeria Innovation Award for MSME support and the Best Retail and SME Bank Award from Independent Newspapers.
Other recognitions include Best Bank for Export and Trade Finance and Most Innovative Bank of the Year at the 2025 BusinessDay Banks and Financial Institutions (BAFI) Awards, as well as Nigeria’s Best Private Bank at the 2025 Euromoney Awards.
Fidelity Bank has also received the Most Improved Commercial Bank of the Year award from Nairametrics, the SME Bank of the Year award from NewsDirect, the Straight-Through Processing Excellence Award from Citi Group and recognition from Global Brands Magazine for Excellence in Community Empowerment.
