Fidelity Bank Plc has announced its readiness to begin the disbursement of funds under the National Credit Guarantee Company (NCGC) N5 billion Credit Intervention Scheme. The initiative aims to expand access to finance for Micro, Small and Medium Enterprises (MSMEs), as well as businesses owned by women and youths across Nigeria.
The development was disclosed by the Managing Director and Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, during the signing of a Memorandum of Understanding (MoU) between the bank and the NCGC.
According to Dr. Onyeali-Ikpe, the partnership with NCGC represents a major step in Fidelity Bank’s continuous efforts to promote financial inclusion and stimulate economic growth through broader access to credit. She said, “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.”
The facility will cover vital sectors including food processing, secondary agriculture such as fish and poultry processing, fashion, green energy, light manufacturing, the agricultural value chain including feed mills and equipment fabrication, export-oriented businesses, and education.
Dr. Onyeali-Ikpe explained that Fidelity Bank has consistently supported various sectors through targeted programmes such as the Green Energy Financing Programme for renewable energy entrepreneurs, the Fidelity SME Hub designed for small businesses, and the Creativerse platform which is dedicated to supporting the creative industry. She also mentioned the Fidelity Bank Education Support Scheme, which offers affordable financing to improve educational infrastructure and technology.
“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. “While we have supported MSMEs with short-term facilities in the past, this partnership allows us to provide long-term credit facilities that empower businesses to expand sustainably.”
Nigeriastartupact.ng earlier reported that Fidelity Bank has disbursed over N500 billion in loans to MSMEs in the past five years, empowering thousands of entrepreneurs and creating sustainable livelihoods across Nigeria.
Also speaking at the event, the Managing Director of NCGC, Mr. Bonaventure Okhaimo, said the organisation was established to bridge the financing gap faced by MSMEs in Nigeria by reducing lender risks through credit guarantees. He noted, “Although MSMEs are key contributors to Nigeria’s economic development, many of them 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.”
Mr. Okhaimo further stated that NCGC and Fidelity Bank will collaborate to provide financial literacy and business management training to MSME beneficiaries. This initiative, he explained, will ensure that entrepreneurs have the right knowledge and skills to manage their loans effectively and achieve long-term business growth.
The partnership between Fidelity Bank and NCGC demonstrates both institutions’ commitment to fostering entrepreneurship, supporting MSMEs, and driving inclusive economic growth across Nigeria. The collaboration aligns with the Central Bank of Nigeria’s efforts to boost access to finance and strengthen the MSME ecosystem.
Ranked among the best banks in Nigeria, Fidelity Bank Plc operates as a full-fledged commercial deposit money bank serving over 9.1 million customers through its digital banking channels, 255 business offices across the country, and its United Kingdom subsidiary, FidBank UK Limited.
Fidelity Bank has earned several local and international recognitions for its role in supporting MSMEs and digital innovation. The bank received the 2024 Excellence in Digital Transformation & MSME Banking Award at the BusinessDay Banks and Financial Institutions (BAFI) Awards. It also won the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App from Global Business Outlook and the 2024 Most Innovative Investment Banking Service Provider award from Global Brands Magazine.
Additionally, Fidelity Bank was named the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and received the Export Financing Bank of the Year award at the BusinessDay Banks and Financial Institutions (BAFI) Awards.