Fidelity Bank Pushes Digital Innovation as Key to Competitive and Sustainable Growth for Lagos SMEs

Fidelity Bank Plc has restated its commitment to the growth of small businesses in Lagos, urging Small and Medium-scale Enterprises to leverage digital innovation and sound business practices to stay competitive.

The advice was given at the third edition of the Fidelity Bank SME Quarterly Business Forum held in Lagos. The event themed Build to Compete: Positioning Lagos Businesses for Sustainable Growth brought together business owners across different sectors to learn practical ways to scale.

The forum had in attendance entrepreneurs from trade, manufacturing, logistics, tech, hospitality and creative industry, as well as financial experts and tax officials from the Nigeria Revenue Service.

Speaking on behalf of the Executive Director Lagos and South-West Dr. Ken Opara, the Regional Bank Head Ikeja Mr. Jude Monye said Lagos remains Africa’s most dynamic commercial city but businesses operating in the state face real challenges including high operating costs, infrastructure deficit and limited working capital.

He explained that to overcome these challenges, SMEs must go beyond passion and focus on building systems. According to him, businesses that want to compete must offer reliable products, deliver consistent service, keep proper records, manage costs and understand their customers deeply.

Monye said digital adoption is no longer optional for SMEs. He noted that with digital tools, business owners can monitor sales, track inventory, control expenses and know their actual profit position, which helps in making informed decisions.

He also advised entrepreneurs to separate business money from personal money and maintain clean financial records, stressing that it is the only way to build a sustainable business and attract financing.

On her part, Divisional Head SME Banking Mrs. Ugochi Osinigwe said SMEs remain the engine of Nigeria’s economy and Fidelity Bank will continue to support them. She said the bank’s SME forum is designed to give entrepreneurs access to knowledge, financing, networks and advisory that will help them grow.

She urged business owners to take advantage of Fidelity Bank’s tailored SME products, trade finance support and capacity building programs to position their businesses for long term success.

In his presentation, Head of Audit Surulere Division of the Nigeria Revenue Service Dr. Ibrahim Olalere urged SMEs to take tax compliance seriously. He said keeping accurate books and understanding tax responsibilities will prevent penalties and make businesses more structured and investor ready.

Mr. Oshiokpelua Osiga, Managing Director of Emosh Foods, who was one of the business owners at the event, praised Fidelity Bank for creating a platform that addresses real issues faced by entrepreneurs. He said access to the right information and finance is as important as having a good product.

The SME Quarterly Business Forum is part of Fidelity Bank’s wider strategy to empower over 10 million customers and thousands of SMEs with innovative solutions and access to capital through its 255 branches in Nigeria and FidBank UK Limited subsidiary.