Fidelity Bank set to unveil two new products for SMEs

Fidelity Bank Plc has unveiled two new products that will ensure easier access to financial services to enhance lending and financial inclusion especially for Nigerian entrepreneurs.

Speaking to journalists during the Fidelity SME forum in Lagos yesterday, Regional Bank Head, Yaba/Surulere Business, Fidelity Bank Plc, Chetachi Ezenagu, said, the bank recognised 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 low rate of concessions on transfers.

"This account also comes with an 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."

The trader support facility comes with a N10-20 million overdraft or loan that traders may want to use for working capital requirements.

Speaking further, Ezenagu explained that the interest rates for the products will be flexible and competitive while assuring that Fidelity Bank would work on several initiatives to ensure traders get support for their businesses.