Fidelity Bank Urges Lagos SMEs to Embrace Digital Solutions for Sustainable Growth
Fidelity Bank highlights digital innovation, financial discipline, access to finance and tax compliance as key drivers of business competitiveness.
Fidelity Bank Plc has urged Small and Medium-sized Enterprises (SMEs) in Lagos to embrace digital technology, strengthen financial management and adopt structured business practices to improve competitiveness and achieve sustainable growth.
The call was made at the third edition of the bank’s SME Quarterly Business Forum, held recently in Lagos under 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 improving business performance through digital innovation, trade financing, sound financial management 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 centre offering significant opportunities for business growth despite prevailing economic challenges.
He noted that entrepreneurs must contend with rising operating costs, stiff competition, changing consumer preferences, infrastructure limitations and working capital constraints.
Monye stressed that building a competitive business requires more than ambition, urging entrepreneurs to prioritise product quality, consistent service delivery, accurate record-keeping, cost control, efficient inventory management and a clear understanding of customer needs.
“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,” he said.
He also highlighted the importance of digital tools in streamlining business operations and improving decision-making, noting that technology enables entrepreneurs to monitor sales, inventory, expenses and profitability more effectively.
According to him, business owners who have accurate information about their financial position are better equipped to make informed decisions and respond to changing market conditions.
The Fidelity Bank executive further advised SMEs to maintain proper financial records and separate personal expenses from business finances, describing these practices as essential to long-term sustainability and improved access to financing.
He reaffirmed the 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, noting that the forum provides a platform for knowledge sharing, networking and business development.
She said the bank remained committed to helping entrepreneurs build, expand and transform their businesses into profitable and sustainable enterprises, adding that innovation and digital transformation were increasingly important in today’s competitive business environment.
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 options, advisory services and strategic partnerships to strengthen their businesses and explore new growth opportunities.
Also speaking, the Head of Audit, Surulere Division, Nigeria Revenue Service, Dr. Ibrahim Olalere, emphasised the importance of tax compliance and accurate financial records in building sustainable enterprises.
He advised business owners to understand their tax obligations and maintain proper documentation to improve operational efficiency and avoid unnecessary regulatory challenges.
“Business owners must understand that tax compliance is an essential part of running a structured and sustainable enterprise,” Olalere said.
The Managing Director and Chief Executive Officer of Emosh Foods, Mr. Oshiokpelua Osiga, commended Fidelity Bank for organising the forum, noting that sustainable business growth depends on more than offering quality products.
He explained that entrepreneurs also require access to relevant information, financing and strategic networks to expand their operations and remain competitive.
Osiga added that platforms such as the SME Quarterly Business Forum provide opportunities for business owners to exchange experiences, learn from industry experts and identify practical solutions to their challenges.
Now in its third edition, Fidelity Bank’s SME Quarterly Business Forum forms part of the bank’s broader commitment to equipping entrepreneurs with the knowledge, tools and resources needed to build sustainable businesses 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, 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 export and trade finance and banking innovation at the 2025 BusinessDay Banks and Financial Institutions Awards.
Other recognitions include Nigeria’s Best Private Bank at the 2025 Euromoney Awards, SME Bank of the Year by NewsDirect, Most Improved Commercial Bank of the Year by Nairametrics and the Straight-Through Processing Excellence Award from Citi Group.
