Fidelity Bank Urges Lagos SMEs to Embrace Digital Solutions, Strengthen Financial Management

Fidelity Bank Plc has urged Small and Medium-scale Enterprises (SMEs) in Lagos to embrace digital technology, improve financial management and adopt structured business practices to enhance competitiveness and achieve sustainable growth amid rising operating costs and economic challenges.

The bank made the call at the third edition of its SME Quarterly Business Forum, held recently in Lagos, with 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 strengthening small businesses through digital innovation, improved financial management, trade financing and regulatory compliance.

Speaking at the event, the Regional Bank Head, Ikeja, Fidelity Bank Plc, 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 and operational difficulties.

He, however, noted that entrepreneurs must develop the capacity to navigate rising operating expenses, stiff competition, changing consumer preferences, infrastructure limitations and working capital constraints.

“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,” Monye said.

He stressed that building a competitive enterprise requires more than ambition, explaining that businesses must prioritise product quality, consistent service delivery, accurate record-keeping, disciplined cost management, efficient inventory control and a clear understanding of customers' needs.

According to him, these practices are essential for businesses seeking to remain profitable, retain customers and expand their operations in an increasingly competitive marketplace.

Monye also highlighted the importance of digital technology in improving business operations, monitoring financial performance and supporting informed decision-making.

“Digital tools can support entrepreneurs' business processes by providing them with clearer information on sales, inventory, expenses and profitability. A business owner who understands the true position of the business is better equipped to make the right decisions,” he stated.

He advised business owners to maintain proper financial records and separate personal expenses from business transactions, describing both practices as critical to long-term sustainability and access to financing.

The Fidelity Bank representative reaffirmed the institution's commitment to supporting entrepreneurs through innovative banking solutions, capacity-building initiatives and access to capital.

He indicated that improved financial discipline and the effective use of technology could help businesses better understand their financial positions, identify operational weaknesses and make more informed investment decisions.

Bank Reaffirms Commitment To SME Development

In her remarks, the Divisional Head, SME Banking, Fidelity Bank Plc, Mrs. Ugochi Osinigwe, described small and medium-scale enterprises as the backbone of Nigeria's economy, stressing the importance of equipping business owners with the knowledge, resources and support needed to develop sustainable enterprises.

She explained that the forum provides a platform for knowledge-sharing, networking and business development, enabling entrepreneurs to learn from experts and exchange experiences on overcoming common business challenges.

“At Fidelity Bank, we are committed to helping entrepreneurs build, scale and transform their businesses into profitable and sustainable enterprises. Innovation and digital transformation are important parts of that journey, particularly in an increasingly competitive business environment,” Osinigwe said.

She encouraged participants operating 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, access to relevant information, appropriate financing and business support services can help enterprises strengthen their operations, improve productivity and identify new opportunities for expansion.

The engagement also underscored the need for financial institutions to work closely with entrepreneurs to address challenges that often constrain the growth of smaller businesses, including limited access to credit, inadequate business structures and gaps in financial management.

For many SMEs, the ability to secure funding depends not only on the availability of financial products but also on their capacity to demonstrate sound business practices, credible records and a clear understanding of their cash flows.

NRS Stresses Tax Compliance, Proper Record-Keeping

Also speaking at the forum, the Head of Audit, Surulere Division, Nigeria Revenue Service, Dr. Ibrahim Olalere, emphasised the importance of tax compliance and effective record-keeping in building sustainable businesses.

Olalere advised entrepreneurs to understand their tax obligations and maintain accurate financial records to ensure that their businesses operate efficiently and avoid unnecessary compliance difficulties.

“Business owners must understand that tax compliance is an essential part of running a structured and sustainable enterprise. Maintaining accurate financial records and understanding their tax obligations will help SMEs operate more efficiently and avoid unnecessary compliance challenges,” he said.

His remarks highlighted the connection between sound financial management and regulatory compliance, particularly for businesses seeking to formalise their operations, expand their customer base and access institutional financing.

Accurate records of revenue, expenditure and other business transactions can help entrepreneurs assess profitability, prepare for tax obligations and provide relevant documentation when applying for loans or entering into commercial partnerships.

Tax compliance also forms part of the broader responsibilities of businesses operating within the formal economy, making it important for entrepreneurs to seek reliable information about applicable requirements as their operations grow.

The participation of the NRS in the forum provided business owners with an opportunity to engage with a tax authority representative on the importance of understanding regulatory obligations as part of their growth strategies.

Entrepreneurs Seek Financing, Information And Business Networks

The Managing Director and Chief Executive Officer of Emosh Foods, Mr. Oshiokpelua Osiga, commended Fidelity Bank for organising the forum, describing it as a valuable platform for addressing the practical challenges confronting entrepreneurs.

Osiga observed that having a good product alone does not guarantee business success, noting that entrepreneurs also need access to relevant information, financing and professional networks to expand their operations sustainably.

“Growing a business requires more than having a good product. Entrepreneurs need access to the right information, financing and networks to scale sustainably. Forums like this provide valuable opportunities to learn, exchange experiences and identify solutions that can help businesses become more competitive,” he said.

His remarks reinforced the importance of combining product development with business planning, financial resources and market knowledge.

For SMEs seeking to move beyond small-scale operations, access to reliable information and commercial networks can help them identify potential customers, establish partnerships and understand changing market conditions.

Financing also remains an important consideration, particularly for enterprises that need to acquire equipment, purchase raw materials, expand distribution or meet day-to-day operating expenses.

However, the discussions at the forum pointed to the importance of combining access to capital with sound business management, digital adoption and compliance practices to improve the prospects of long-term success.

Third Edition Strengthens Bank's SME Support Initiative

Now in its third edition, the Fidelity Bank SME Quarterly Business Forum is becoming an important component of the bank's broader efforts to equip entrepreneurs with the knowledge, tools and resources required to build sustainable enterprises.

Through the initiative, the bank seeks to promote business development by bringing entrepreneurs into contact with financial experts, industry practitioners and relevant regulatory representatives.

The programme also reflects the growing importance of collaboration among financial institutions, business owners and public-sector agencies in addressing the operational challenges faced by SMEs.

Fidelity Bank Plc is a commercial deposit money bank serving more than 10 million customers through digital banking channels and 255 business offices. It also operates a 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 and the Best Retail and SME Bank Award from Independent Newspapers.

Other recognitions include Best Bank for Export and Trade Finance and Most Innovative Bank of the Year at the 2025 BusinessDay Banks and Financial Institutions Awards, as well as Nigeria's Best Private Bank at the 2025 Euromoney Awards.

The institution also received the Most Improved Commercial Bank of the Year award from Nairametrics, the SME Bank of the Year award from NewsDirect and the Straight-Through Processing Excellence Award from Citi Group. It was further recognised by Global Brands Magazine for Excellence in Community Empowerment.

The bank's latest engagement with Lagos entrepreneurs comes amid continuing efforts by businesses to adapt to changing market conditions, strengthen their financial structures and identify sustainable pathways to growth.

The forum's central message was that while access to funding remains important, the long-term competitiveness of SMEs will increasingly depend on their ability to combine digital innovation with disciplined financial management, regulatory compliance and a clear understanding of the markets they serve.