6 December 2017

Nigeria: Fidelity Bank Disburses N2.3 Billion to 118 MSMEs

Lagos — Fidelity Bank Plc has disbursed a total of N2.3 billion to 118 beneficiaries under the Central Bank of Nigeria (CBN)'s N220 billion Micro Small and Medium Enterprises (MSMEs) loan scheme launched in 2013.

The Manaaging Director of the bank, Nnamdi Okonkwo, disclosed this while speaking at the annual conference of the African Youth Entrepreneurs (AYE), in Lagos over the weekend.

He said: "We have disbursed N2.3 billion to 188 obligors and we have so far received over 70 per cent repayment on those disbursements.

"Today, we don't have any of those loans going bad because of the model we operate."

While encouraging the young entrepreneurs, Okonkwo said financial advisory is more important than giving people money adding that that accounted for the prudent management of funds so far disbursed to the beneficiaries.

Since the inception of the fund, however, little is known of the scheme's impact or how much has actually been disbursed to banks for onward release to small businesses.

The exercise is aimed to radically transforming the MSMEs, as well as the performance of the loans in the benefiting states.

Nigeria

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