Fidelity Bank Plc has urged Small and Medium-scale Enterprises (SMEs) in Lagos to embrace digital solutions, strengthen financial management practices and adopt structured business models to improve competitiveness and achieve sustainable growth.
The call was made at the third edition of the Fidelity Bank SME Quarterly Business Forum, held recently in Lagos, with the theme, “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 explore practical strategies for strengthening SMEs through digital innovation, improved financial management, trade financing and regulatory compliance.
Speaking at the event, Fidelity Bank’s Regional Bank Head, Ikeja, Mr. Jude Monye, who represented the Executive Director, Lagos and South-West, Dr. Ken Opara, described Lagos as a vibrant commercial hub offering significant growth opportunities despite prevailing economic and operational challenges.
He noted that entrepreneurs must contend with rising operating costs, intense competition, changing consumer preferences, infrastructure limitations and working capital constraints.
“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 added that the bank was committed to guiding and supporting entrepreneurs in overcoming business challenges and turning their aspirations into viable enterprises.
Monye also highlighted the importance of technology in improving operational efficiency and business decision-making, noting that digital tools could help entrepreneurs monitor sales, inventory, expenses and profitability more effectively.
According to him, business owners who have a clear understanding of their financial position are better equipped to make informed decisions, identify opportunities and manage risks.
He further stressed the need for SMEs to maintain accurate financial records and separate personal finances from business accounts, describing these practices as essential to long-term sustainability and improved access to financing.
He reaffirmed Fidelity Bank’s commitment to supporting entrepreneurs through 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, emphasising the importance of the forum 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 across trade and distribution, manufacturing, maritime and logistics, technology, hospitality, financial services and the creative industry to take advantage of the bank’s financing solutions, advisory services and strategic partnerships to strengthen their operations and unlock new growth opportunities.
Also speaking, the Head of Audit, Surulere Division, Nigeria Revenue Service, Dr. Ibrahim Olalere, underscored the importance of tax compliance and effective record-keeping in building sustainable enterprises.
He urged business owners to understand their tax obligations and maintain accurate financial records to improve operational efficiency and avoid unnecessary compliance challenges.
“Tax compliance is an essential part of running a structured and sustainable enterprise,” Olalere stated.
Meanwhile, the Managing Director and Chief Executive Officer of Emosh Foods, Mr. Oshiokpelua Osiga, commended Fidelity Bank for providing a platform that addresses the practical challenges facing entrepreneurs.
Osiga observed that sustainable business growth requires more than a quality product, stressing the importance of access to relevant information, financing and business networks.
He described forums such as the SME Quarterly Business Forum as valuable opportunities for entrepreneurs to exchange experiences, acquire practical knowledge and identify solutions to improve their competitiveness.
Now in its third edition, Fidelity Bank’s SME Quarterly Business Forum continues to support the bank’s broader efforts to equip entrepreneurs with the knowledge, tools and resources needed to build sustainable enterprises and contribute to Nigeria’s economic development.
Fidelity Bank Plc is a commercial deposit money bank serving more than 10 million customers through digital banking channels and 255 business offices in Nigeria, alongside its United Kingdom subsidiary, FidBank UK Limited.
The bank has received several local and international recognitions, including the 2025 Development Bank of Nigeria Innovation Award for MSME support; the Best Retail and SME Bank Award from Independent Newspapers; and awards for Best Bank for Export and Trade Finance and Most Innovative Bank of the Year at the 2025 BusinessDay Banks and Financial Institutions Awards.
Other recognitions include Nigeria’s Best Private Bank at the 2025 Euromoney Awards, Most Improved Commercial Bank of the Year by Nairametrics, SME Bank of the Year by NewsDirect, the Straight-Through Processing Excellence Award from Citi Group, and recognition for Excellence in Community Empowerment by Global Brands Magazine.
