{"id":19393,"date":"2017-11-23T08:38:09","date_gmt":"2017-11-23T07:38:09","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=19393"},"modified":"2017-11-23T08:38:09","modified_gmt":"2017-11-23T07:38:09","slug":"fidelity-bank-disburses-n2-5b-500-smes-operators","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/fidelity-bank-disburses-n2-5b-500-smes-operators\/","title":{"rendered":"Fidelity Bank Disburses N2.5b to 500 SMEs Operators"},"content":{"rendered":"

Fidelity Bank Plc says it has disbursed the sum of N2.5 billion out of the Central Bank of Nigeria (CBN) N220 billion Micro, Small and Medium Enterprises Development Fund (MSMEDF).<\/p>\n

\u00a0Mr Nnamdi Okonkwo, the bank\u2019s Managing Director\/ Chief Executive Officer said this at a news conference to unveil the company\u2019s partnership with Africa\u2019s Young Entrepreneurs (A.Y.E) in Lagos on Wednesday.<\/p>\n

\u00a0The News Agency of Nigeria (NAN) reports that the N220b CBN MSMEDF is a single digit interest rate of nine per cent (all-in) facility that can be accessed by Nigerian-owned Micro, Small and Medium Enterprises (MSMEs), through participating financial institutions like Fidelity Bank.<\/p>\n

\u00a0Okonkwo said that the N2.5 billion intervention funds were disbursed to 500 Small and Medium Enterprises (SMEs) across the country.<\/p>\n

He stated that the bank had received repayment of N1.8 billion out of the disbursed fund, noting that the bank had not recorded any bad loan from the apex bank initiative.<\/p>\n

Okonkwo said that the bank was partnering with A.Y.E to empower entrepreneurs in the country to stimulate employment.<\/p>\n

According to him, the partnership agreement between both organisations signed recently will strengthen \u00a0\u00a0\u00a0ongoing efforts and initiatives of A.Y.E in developing and supporting future business leaders.<\/p>\n

He added that the partnership would also afford the bank the opportunity to offer financial and technical advisory services to enhance the competitiveness and dynamism of young Nigerian entrepreneurs.<\/p>\n

\u201cWith a network of more than 12.6 million members across the continent and 1.6 million Nigerian members, A.Y.E is the largest network of entrepreneurs in the world,\u2019\u2019 he said.<\/p>\n

Okonkwo said that the partnership was made possible because both organisations shared the same ideals on entrepreneurship and job creation.<\/p>

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He added that the initiative was in line with the Federal Government\u2019s Economic Diversification Plan.<\/p>\n

Okonkwo said that the partnership would create more employment opportunities which would lead to poverty alleviation, improved food security and Gross Domestic Product (GDP) growth.<\/p>\n

He said that GDP was the sum total of goods and services produced in the country, adding that GDP growth could only be achieved through youth empowerment.<\/p>\n

\u201cIf we have all these youths not producing anything, how can GDP grow\u2019\u2019, Okonkwo said.<\/p>\n

Okonkwo said that the bank would also partner A.Y.E in its third annual conference tagged; \u201cNetworking with the Giants Conference\u2019 slated for\u00a0Nov. 30<\/span><\/span>\u00a0in Lagos.<\/p>\n

Mr Summy Smart, A.Y.E President said that the organisation encourages social entrepreneurship with role models, powerful mentors, social innovators, thought leaders, forward thinking investors and people passionate about addressing a range of societal and environmental challenges.<\/p>\n

Smart stated that the annual conference was an exceptional platform for some of the world\u2019s most accomplished business leaders to network with the brightest entrepreneurs in Africa.<\/p>\n

\u201cIt provides ample opportunity for individuals with vibrant business ideas to network with established industry leaders, policy makers and outstanding investors from around the globe to draw priceless, life-transforming inspirations from success stories.<\/p>\n

\u201cWith the caliber and diversity of industry leaders billed to attend the conference, Fidelity Bank and A.Y.E are keen on reawakening the latent entrepreneurial spirit in the youth population.<\/p>\n

\u201cBoth organisations are committed to identifying burgeoning start-ups with exceptional ideas and showcasing their potentials to the entire world,\u2019\u2019 Smart said.<\/div>\n<\/p>","protected":false},"excerpt":{"rendered":"

Fidelity Bank Plc says it has disbursed the sum of N2.5 billion out of the Central Bank of Nigeria (CBN) N220 billion Micro, Small and Medium Enterprises Development Fund (MSMEDF). \u00a0Mr Nnamdi Okonkwo, the bank\u2019s Managing Director\/ Chief Executive Officer said this at a news conference to unveil the company\u2019s partnership with Africa\u2019s Young Entrepreneurs …<\/p>\n","protected":false},"author":6,"featured_media":19394,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[753],"coauthors":[2391],"class_list":["post-19393","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-fidelity-bank-plc"],"yoast_head":"\nFidelity Bank Disburses N2.5b to 500 SMEs Operators - National Wire<\/title>\n<meta name=\"description\" content=\"Fidelity Bank Plc says it has disbursed the sum of N2.5 billion out of the Central Bank of Nigeria (CBN) N220 billion Micro, Small and Medium\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/fidelity-bank-disburses-n2-5b-500-smes-operators\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fidelity Bank Disburses N2.5b to 500 SMEs Operators - 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