Yemisi Izuora
The Fidelity Bank Plc has said it is set to launch two new products in line with its commitment to ensuring easier access to financial services to enhance lending and financial inclusion especially for Nigerian entrepreneurs.
Regional Bank Head, Yaba/Surulere Business, Fidelity Bank Plc, Chetachi Ezenagu, speaking at the bank’s SME forum in Lagos, said, the bank recognises the issues surrounding funding while adding that the addition of the products would open up easier access to financial services.
Ezenagu who revealed that the SME funding-connect programme for SMEs will kick off today, said the products which include the Fidelity Business Plus account and the Trader Support Facility will be unveiled at the event.
She said: “When businesses are set up, the entrepreneurs are concerned about their cost and so with the Fidelity Business Plus account, the cost of running the account will be very low as well as a low rate of concessions on transfers. This account also comes with accounting software because we know that the problem facing entrepreneurs is in terms of accounting management and how they keep records of their books, business analytics.
The second one is the Fidelity Trader support facility. We understand that entrepreneurs have issues with funding and so we are taking it a notch higher even though we already have a product that supports small businesses for traders that need to trade, re-stock or need working capital requirements.
According to her, “the trader support facility comes with a N10-20 million overdraft or loan that the trader might want to use for working capital requirements and if you are a customer of the bank and you are not at the SME funding connect holding today, you can walk into any of the branches for more information.”
Speaking further, Ezenagu explained that the interest rates for the products would be flexible and competitive while assuring that Fidelity Bank would work on several initiatives to ensure traders get support for their businesses.
“Existing customers on the bank’s SME programme can update their existing accounts as it is for our customers and the fact that we are launching it tomorrow, we want to make them enjoy the benefits of enjoying first before we now open it up to other customers who want to be on board.
“As time goes on, the bank would work on several initiatives because we know that traders need support to grow their businesses. We are starting with the Festac, Odunade, Orile, BBA, and ASPAMDA among others,” she said.