L-R: Divisional Head, Small and Medium-scale Enterprises (SMEs), Fidelity Bank Plc, Mrs. Ugochi Osinigwe; Head of Audit, Surulere Division, Federal Inland Revenue Service (FIRS), Dr. Ibrahim Olalere; and Regional Bank Head, Ikeja, Fidelity Bank Plc, Mr Jude Monye; at the Fidelity Bank SME Quarterly Business Forum, held in Lagos recently.
By Peace Udugba — The Daily Torch Media
Fidelity Bank Plc has urged small and medium-sized enterprises (SMEs) in Lagos State to embrace digital technology, strengthen financial management and adopt structured business practices to improve competitiveness and achieve sustainable growth.
The bank made the call at the third edition of its SME Quarterly Business Forum in Lagos, themed “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 strategies for strengthening small businesses through digital innovation, improved financial management, trade financing and tax compliance.
Speaking at the event, Fidelity Bank’s Regional Bank Head, Ikeja, Jude Monye, who represented the Executive Director, Lagos and South-West, Ken Opara, described Lagos as a major commercial centre offering significant opportunities for business growth despite prevailing economic and operational challenges.
He noted that rising operating costs, intense competition, changing consumer preferences, infrastructure limitations and working capital constraints continued to challenge entrepreneurs.
According to Monye, businesses must adopt practical strategies and seek appropriate support to overcome these obstacles and remain competitive.
“Yes, there are challenges, but that is why we are here, to see how we can guide you, support you and make sure that you bring your dreams to fruition,” he said.
He added that building a competitive business required more than ambition, stressing the importance of reliable products, consistent service delivery, proper record-keeping, cost control, efficient inventory management and a sound understanding of customers’ needs.
Digital Tools Key to Business Competitiveness
Monye emphasised that technology could help entrepreneurs improve operational efficiency, monitor business performance and make informed decisions.
He explained that digital tools could provide business owners with clearer information about sales, inventory, expenses and profitability, enabling them to identify challenges and respond effectively.
“A business owner who understands the true position of the business is better equipped to make the right decisions,” he stated.
He also advised entrepreneurs to maintain accurate financial records and separate personal expenses from business finances, describing these practices as essential to long-term sustainability and access to financing.
Monye reaffirmed Fidelity Bank’s commitment to supporting SMEs through innovative banking solutions, capacity-building initiatives and access to capital.
Fidelity Bank Reaffirms Commitment to SMEs
In her remarks, the Divisional Head of SME Banking at Fidelity Bank, Ugochi Osinigwe, described SMEs as a critical pillar of Nigeria’s economy.
She said the forum provided a platform for knowledge-sharing, networking and business development, helping entrepreneurs acquire the information and resources needed to strengthen their operations.
“At Fidelity Bank, we are committed to helping entrepreneurs build, scale and transform their businesses into profitable and sustainable enterprises,” Osinigwe said.
She identified innovation and digital transformation as important drivers of business development, particularly in an increasingly competitive economic environment.
Osinigwe encouraged participants in trade and distribution, manufacturing, maritime and logistics, technology, hospitality, financial services and the creative industry to take advantage of the bank’s financing solutions, advisory services and strategic partnerships.
According to her, these opportunities could help businesses strengthen their operations, expand their reach and unlock new growth prospects.
NRS Highlights Importance of Tax Compliance
Also speaking, the Head of Audit, Surulere Division, Nigeria Revenue Service, Ibrahim Olalere, urged business owners to prioritise tax compliance and effective financial record-keeping.
He explained that understanding tax obligations and maintaining accurate records could help SMEs operate more efficiently and avoid unnecessary compliance challenges.
“Business owners must understand that tax compliance is an essential part of running a structured and sustainable enterprise,” Olalere said.
He stressed that proper documentation and an understanding of applicable tax requirements were important elements of responsible business management.
Entrepreneurs Seek Better Access to Finance and Information
The Managing Director and Chief Executive Officer of Emosh Foods, Oshiokpelua Osiga, commended Fidelity Bank for organising a forum focused on the practical challenges facing entrepreneurs.
He observed that sustainable business growth depended on more than developing quality products, noting that entrepreneurs also needed access to relevant information, financing and professional networks.
“Growing a business requires more than having a good product. Entrepreneurs need access to the right information, financing and networks to scale sustainably,” Osiga said.
He added that business forums provided valuable opportunities for entrepreneurs to share experiences, learn from one another and identify practical solutions to improve their competitiveness.
Forum Supports Business Development
Now in its third edition, Fidelity Bank’s SME Quarterly Business Forum is part of the bank’s broader efforts to equip entrepreneurs with the knowledge, tools and resources needed to build sustainable enterprises.
Through the initiative, the bank aims to support business development and encourage SMEs to contribute more effectively to Nigeria’s economic growth.
Fidelity Bank Plc is a commercial deposit money bank serving more than 10 million customers through digital banking channels and 255 business offices in Nigeria, as well as its United Kingdom subsidiary, FidBank UK Limited.
The bank has received several local and international awards, including the 2025 Development Bank of Nigeria Innovation Award for MSME support and the Best Retail and SME Bank Award from Independent Newspapers.
Other recognitions cited by the bank include awards for export and trade finance, banking innovation, private banking, SME banking, payment processing and community empowerment.
Tags: Fidelity Bank, SMEs in Nigeria, Lagos SMEs, digital banking, SME financing, business growth, tax compliance, Nigerian businesses
