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| L-R: Executive Director, South Directorate, Fidelity Bank Plc, Pamela Shodipo; Executive Director, Lagos & South West, Fidelity Bank, Dr. Ken Opara; Executive Director, Strategy and Operations, National Credit Guarantee Company Limited (NCGC), Mrs. Tinuola Aigwedo; Executive Director/Chief Risk Officer, Fidelity Bank Plc, Kevin Ugwuoke; MD/CEO, NCGC, Mr. Bonaventure Okhaimo; Managing Director/Chief Executive Officer, Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe; Executive Director/Chief Operations and Information Officer, Fidelity Bank Plc, Stanley Amuchie; and Executive Director, Risk Management, NCGC, Prof Ezekiel Oseni, during the Memorandum of Understanding (MoU) Signing Ceremony between Fidelity Bank and NCGC in Lagos. |
Naija Blog Reports That Fidelity Bank Plc has announced plans to begin the disbursement of funds under the National Credit Guarantee Company (NCGC) N5 billion Credit Intervention Scheme, a move aimed at expanding access to finance for Micro, Small, and Medium Enterprises (MSMEs), as well as women- and youth-owned businesses across the country.
The announcement was made by the bank’s Managing Director and Chief Executive Officer, Dr. Nneka Onyeali-Ikpe, during the signing of a Memorandum of Understanding (MoU) between Fidelity Bank and NCGC.
According to Dr. Onyeali-Ikpe, the partnership represents a major milestone in Fidelity Bank’s mission to drive financial inclusion and stimulate economic growth through improved access to credit.
“This guarantee will enable us to further expand financing opportunities for those who need it most, while strengthening our capacity to support businesses across key sectors of the Nigerian economy,” she said.
The NCGC facility will support priority sectors such as food processing, secondary agriculture (including fish and poultry processing), fashion, green energy, light manufacturing, agricultural value chains (feed mills and equipment fabrication), export-oriented businesses, and education.
Dr. Onyeali-Ikpe further noted that Fidelity Bank’s existing initiatives — including the Green Energy Financing Programme, the Fidelity SME Hub and Creativerse for creative entrepreneurs, and the Fidelity Education Support Scheme — align with the bank’s broader strategy to empower MSMEs through tailored financing and capacity development.
“With the backing of the NCGC credit guarantee, we can now extend financing to businesses that have traditionally been excluded from formal credit systems — without compromising our risk standards or operational efficiency,” she added.
Over the past five years, Fidelity Bank has disbursed over N500 billion in loans to MSMEs, creating thousands of jobs and sustainable enterprises nationwide.
Also speaking at the MoU signing, Mr. Bonaventure Okhaimo, Managing Director of NCGC, said the scheme was designed to address the financing challenges faced by MSMEs by mitigating lender risks through credit guarantees.
“Although MSMEs are key contributors to Nigeria’s economic development, many struggle to secure funding from financial institutions due to perceived high risks. Through the credit guarantee scheme, NCGC shares this risk with banks, making it easier for MSMEs to access much-needed capital,” he explained.
He added that the NCGC and Fidelity Bank would also collaborate to deliver financial literacy and business management training to MSME beneficiaries, ensuring they are equipped to manage their loans effectively and achieve long-term growth.
The partnership underscores the shared commitment of both institutions to promoting entrepreneurship, strengthening MSMEs, and driving inclusive economic development across Nigeria.
Fidelity Bank, one of Nigeria’s leading commercial banks, serves over 9.1 million customers through its 255 business offices and digital channels, as well as its UK subsidiary, FidBank UK Limited. The bank has received several local and international accolades, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay BAFI Awards and Best Bank for SMEs in Nigeria by Euromoney Awards for Excellence.
