Fidelity Bank Opens SME Hub, Offers Free Training to 1,000 Entrepreneurs in Kano

Fidelity Bank has inaugurated initiatives to support small businesses in Kano, Nigeria's first dedicated SME Hub and free nationwide training programs, as part of a broader effort to reduce startup costs and build capacity for entrepreneurs across Northern Nigeria. These initiatives were unveiled during an interactive town hall meeting with business owners in Kano on Wednesday.

Mrs. Gochi Osinigwe, Divisional Head, SME and Digital Banking, announced that the bank is committed to supporting SMEs from their start-up stage to becoming large enterprises. The bank's SME division focuses on the growth of SMEs and their customers, and sees SMEs as critical contributors to Nigeria's GDP, accounting for at least 80%.

To alleviate the financial burden on new businesses, Fidelity Bank has introduced account types with no account maintenance fees. The bank's flagship initiative, the Fidelity SME Hub, provides shared office space for entrepreneurs to operate without the usual upfront one-year rent, eliminating initial expenditure. In addition to physical infrastructure, the bank has invested heavily in knowledge through regular, free training sessions, both physical and online, which attract between 600 to 1,000 participants per session.

These trainings cover essential topics such as business structuring, record keeping, and access to finance, and are open to both Fidelity customers and non-customers. The bank also offers collateral-free loans based on business turnover, leveraging intervention funds from NEXIM, DBN, and BOI to provide cheaper loans. An Executive Director of the bank emphasized that Kano is a crucial commercial hub for the North and beyond, and Fidelity Bank is committed to helping build strong businesses, deeper markets, and a more resilient economy for Kano, the North, and Nigeria as a whole.