Business
When a Bank Puts SMEs First
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Last week will go down as one of the most challenging weeks, if not the most challenging, Nigeria has faced in 2020. What started out weeks before as very well-organised peaceful protests by young Nigerians campaigning to #EndSARS, was supplanted by hoodlums engaging in wanton looting, arson and destruction of public and private properties across many states at an unprecedented scale. By the end of the week, many lives had been lost, many properties and businesses completely destroyed and Nigeria has been left reeling from a shock that dwarfs any the country felt even at the peak of the COVID-19 outbreak.
In keeping with the Nigerian spirit of being one’s brother’s keeper, equally unprecedented efforts by individuals, groups and corporate organisations to try to provide assistance for people and businesses affected by the crises of the past week, have followed. Individuals and groups have announced donations of cash and materials, set up helplines to offer psychological counselling and support, and started online crowd-funding efforts in support of victims. Among corporate organisations, we have seen banks take a leading role. Some banks, such as Access Bank and Stanbic IBTC, have announced funds or desks they have set up to receive requests from, and process assistance for, affected individuals and businesses. One of these banks’ efforts include pledged interest-free loans and grants that affected businesses and individuals can access.
Another bank has seen thousands of requests for assistance pour in through the online channel it set up for the purpose. The requests have flowed in, not only because of the victims’ desperation for help, but also because of the humane approach to banking that this institution adopts. Always putting the customer at the heart of its business, FirstBank has been showing empathy with all those who have experienced one loss or the other as a result of the crises. Since last week, the bank has been seeking every opportunity to identify with people who are currently grieving and hurting.
Although the largest and most prominent member of Nigeria’s leading financial powerhouse, the FBNHoldings Group that is a one-stop shop for financial services ranging from commercial and investment banking to financial advisory, insurance brokerage and pensions custodianship, FirstBank is neither immune nor removed from the challenges people face. It is a human institution with thousands of humans working as employees to provide bespoke banking products and services to millions of other humans whose pulse the bank feels through its employees. Being part of a group with expertise across the broad spectrum of financial services, makes FirstBank the banking partner with the broadest shoulders to assist SMEs buffeted by the wave of violence witnessed across the nation last week.
Given the interconnectivity between Nigeria and FirstBank’s history, it is no surprise that a tumultuous week in Nigeria is giving way to one with stories of hope and optimism by Nigerians badly affected by the crises of the past week, who are looking to FirstBank for assistance. These Nigerians have been encouraged by the strides FirstBank has made over the years in the SME space as the bank of first choice for small businesses. Built around seven strategic pillars – of connect to infrastructure, connect to talent, capacity building, policy and regulation, connect to resources, connect to market as well as connect to finance – considered essential for the sustainability and growth of SMEs and intended to promote a healthy business interaction and adaptability of the SMEs with their immediate environment, FirstBank’s involvement with SMEs, through SMEConnect (the bank’s branded bouquet of empowerment initiatives, products and services tailor-made for SMEs), has been one that has sought to facilitate their growth into future economic powerhouses playing ever-increasing roles in Nigeria’s economic development.
Since its maiden SME National Conference in 2014, FirstBank has annually engaged small businesses and SME owners in series of empowerment seminars and workshops designed to improve their business capacity. Only this year, FirstBank held its inaugural SME Business Clinic in Lagos, Port Harcourt and Abuja with many SMEs in attendance. The SME Business Clinic featured Abayomi Adewumi, CEO of the Global Leadership Institute and an industry expert and business growth consultant with vast experience working with SMEs. He engaged participants on the FirstBank SME diagnostic tool designed for SMEs to check the health of their business, better understand it and drive profitability.
In 2019, FirstBank organised a weeklong SME event which had owners of SMEs in different sectors mentored across multiple states in the country. It was the first of its kind in the industry. Organised in partnership with SME Traction, a leading business coaching platform, it was aimed at empowering SMEs to make informed choices about their businesses, thereby facilitating growth and bolstering their contribution to the development of the economy. At the event, FirstBank’s Deputy Managing Director, Gbenga Shobo, underlined the importance the bank attaches to SMEs. He said: “At FirstBank, we recognise the impact SMEs have in promoting growth of the economy and are excited at the opportunity to continue to enable them prosper by strategically contributing to the sustainability of their business. We remain the trusted financial partner of SMEs and reiterate our resolve to be known as the brand that enables their success; much the same way that we have for over 125 years enabled Nigerians and the economy at large.”
This same point was elaborated at another FirstBank SME event, “Food Souk”, convened in 2019 in partnership with Eventful Limited, an events management firm, where the bank restated its commitment to the Federal Government’s diversification drive, promising to continue to support the agricultural value chain from production to consumption to create opportunities for SMEs in the food sector so they could in turn create job opportunities. The bank also extended its hand of partnership to all small businesses involved in organising different trade fairs and exhibitions. A food vendor at the event, Ms Ijeoma Ebeneme, the Chief Executive Officer, JEM N Iris, commended FirstBank for putting the event together. Ebeneme said she was at the food fair to make profit, meet new clients as well as create the needed publicity for her brand. It is for people like Ebeneme that FirstBank maintains an SME website (https://smeconnect.
In support of owners of SMEs operating in the education sector, FirstBank, in partnership with the Lagos State Employment Trust Fund (LSETF), set up a matching fund scheme of ₦5 billion LSETF-FirstEdu Loan. Officially launched in September by Governor Babajide Sanwo-Olu of Lagos State and Dr Adesola Adeduntan, Managing Director/CEO of FirstBank, the scheme aims to cushion the impact of Covid-19 pandemic on low-cost private schools by ensuring lending at an attractive interest rate. Speaking at the launch, Dr Adeduntan said: “At FirstBank we recognise the indelible role played by the education sector in the growth of any economy and this underscores our partnership with Lagos State Government for continuous development of the education services in Lagos State and the nation as a whole. The commitment by the Lagos State Government – including this partnership – to enable schools is quite commendable as this will mitigate the challenges caused by the lockdown on the education sector following the COVID-19 pandemic.”
It is for efforts like all those highlighted above and many more that the 2019 edition of KPMG’s Annual Banking Industry customer Satisfaction Survey named FirstBank as the biggest mover in the SME space. The 2014 edition of the Survey had named the bank as the most popular bank among MSMEs for both deposit transactions and credit/loan facilities with 26 per cent of the SMEs surveyed identifying the bank as one where they had an ongoing loan facility or had obtained one in the recent past. It is also for the same reason that the unfortunate events of the last week have reignited the bond between Nigerians and FirstBank, a partner that they can bank on in times of need. The bank’s track record leaves no one in any doubt of its unwavering commitment to continue to weather all storms with Nigeria and Nigerian SMEs with whom it shares a common destiny.
Culled from BusinessDay
Fidelity Bank Plc has won the Development Bank of Nigeria (DBN) Service Ambassadors Award for recording the highest impact in expanding access to formal credit for first-time Micro, Small and Medium Enterprises (MSMEs) in Nigeria.
The award recognises the Deposit Money Bank that has successfully onboarded previously unbanked or credit excluded Micro, Small and Medium Enterprises across Nigeria, reflecting Fidelity Bank’s sustained commitment to deepening financial inclusion, improving access to credit and supporting enterprise growth.
Speaking on the recognition, Divisional Head, Small and Medium-scale Enterprises Banking, Fidelity Bank Plc, Ugochi Osinigwe, expressed appreciation to DBN and reaffirmed the bank’s commitment to the growth of small and medium-scale businesses across the country.
Osinigwe said: “We sincerely thank the Development Bank of Nigeria for this recognition, which affirms the impact of our work in expanding access to finance for MSMEs, especially businesses accessing formal credit for the first time.
The latest recognition builds on Fidelity Bank’s long-standing partnership with DBN and consistent support for Nigeria’s MSME ecosystem.
In 2025, the bank received the DBN Innovation Award in the Deposit Money Bank category, in recognition of its outstanding contribution to the development and delivery of innovative financial products and services tailored to MSMEs.
The bank had also received the 2020 DBN Service Award for the Highest Disbursement to DBN-focused locations, a recognition that highlighted its role in facilitating access to affordable funding for small and medium-scale businesses across targeted markets.
Over the years, Fidelity Bank has implemented several initiatives that support small and medium-scale businesses beyond access to loans.
For instance, the bank established the Fidelity SME Hub in Gbagada, Lagos as a dedicated facility for entrepreneurs, offering access to training halls, meeting rooms, networking spaces, business advisory support, and creative studios for content production.
The bank also recently launched its Fidelity Quarterly Business Forum, a strategic engagement platform designed to connect SME founders, business leaders, policymakers and industry experts for practical discussions on business growth, trade, innovation and sustainability.
The maiden edition, held in Port Harcourt, Rivers State focused on scaling trade and distribution businesses for sustainable growth, while providing entrepreneurs with relevant insights, networking opportunities and advisory support.
In addition, Fidelity Bank has continued to support entrepreneurs through its SME Masterclass Series, which deliver practical capacity building in areas such as pricing, product quality, online sales, business visibility and preparation for international expansion.
The initiative forms part of the bank’s broader commitment to equipping SMEs with tools they can apply immediately to improve competitiveness and profitability.
The bank has also played a key role in the disbursement of the Federal Government of Nigeria MSME Intervention Funds, administered by the Bank of Industry, with a strategic focus on supporting qualified businesses and empowering women owned enterprises.
Through its nationwide branch network, digital banking platforms and experienced relationship managers, Fidelity Bank continues to provide structured support to entrepreneurs across urban and rural communities.
Fidelity Bank’s broader SME support architecture also includes export development and market access programmes.
Through the Fidelity Nigeria International Trade and Creative Connect, the bank connects Nigerian businesses to international markets, including the United Kingdom and the United States.
It also partners with the Nigerian Export Promotion Council and Lagos Business School on the Export Management Programme, which equips entrepreneurs and aspiring exporters with the skills, knowledge and networks required to compete in regional and global markets.
The bank’s partnership with the National Credit Guarantee Company further strengthens its support for MSMEs by helping to reduce lending risks and expand access to finance.
The collaboration also includes financial literacy and business management training to help MSME beneficiaries manage their loans effectively and build sustainable enterprises.
With these interventions, Fidelity Bank continues to demonstrate a multi-dimensional approach to SME development, combining finance, advisory services, capacity building, digital enablement, market access and strategic partnerships to support businesses at different stages of growth.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving more than 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is a recipient of multiple local and international awards, including the 2025 Development Bank of Nigeria (DBN) Innovation Award for MSME support; Best Retail and SME Bank Award from Independent Newspapers; Best Bank for Export & Trade Finance and Most Innovative Bank of the Year at the 2025 BusinessDay Banks and Financial Institutions (BAFI) Awards; and Nigeria’s Best Private Bank at the 2025 Euromoney Awards.
The Bank also received the inaugural Most Improved Commercial Bank of the Year award by Nairametrics, the SME Bank of the Year award by NewsDirect, and the Straight-Through Processing (STP) Excellence Award by Citi Group, in addition to recognition by Global Brands Magazine for Excellence in Community Empowerment.
Polaris Bank has reaffirmed its commitment to youth development, education, financial literacy, and social responsibility by supporting a Media Practitioners’ Capacity Building Programme held on Thursday.
The event pioneered by the Nigerian Online Media Alliance (NOMA), a coalition of digital media publishers and journalists, was to commemorate the 2026 International Day Against Drug Abuse and Illicit Trafficking.
As part of its contribution to the successful hosting of the programme, the bank donated a variety of branded gift items, including cable chargers, water bottles, umbrellas, piggy banks, and mathematical sets.
The branded water bottles, umbrellas, and cable chargers were distributed to journalists and participants at the event, providing useful tools for everyday use. The piggy banks were designed to encourage savings culture and financial discipline among young people, while the mathematical sets were presented to participating students to support learning and academic excellence.
The programme themed: “Responsible Media, Drug-Free Nigeria: The Journalist’s Role in Prevention and Advocacy,” was organized by NOMA in collaboration with the International Society of Substance Use Prevention and Treatment Professionals (ISSUP Nigeria), the National Drug Law Enforcement Agency (NDLEA), and the Federal Neuro-Psychiatric Hospital, Yaba.
Speaking on the bank’s support, Chairperson of the Nigerian Online Media Alliance (NOMA), Theresa Moses, expressed profound appreciation to Polaris Bank for partnering with the association in advancing initiatives that positively impact education and society.
According to her, the bank’s gesture underscored its dedication to community development, youth empowerment, and national progress.
“We are sincerely grateful to Polaris Bank for supporting this important programme with branded gift items. Beyond their practical value, these items represent the bank’s commitment to education, financial literacy, youth development, and social impact. Their support contributed significantly to the success of this event,” she said.
The event attracted journalists, media executives, public health professionals, policymakers, anti-drug advocates, students, and representatives of government agencies who gathered to discuss strategies for strengthening media advocacy against substance abuse and illicit drug trafficking.
Through expert presentations and panel discussions, participants explored the critical role of responsible journalism in promoting prevention, raising public awareness, reducing stigma, and supporting efforts to build healthier and safer communities.
Polaris Bank’s support aligns with its longstanding commitment to corporate social responsibility initiatives focused on education, financial inclusion, youth development, and community empowerment.
By supporting the NOMA Media Practitioners’ Capacity Building Programme, Polaris Bank has once again demonstrated its belief that collective action, education, and awareness are critical to building a drug-free Nigeria and empowering citizens to make informed choices for a better future.
Stakeholders at the programme commended the bank for its continued investment in initiatives that promote positive social values and contribute to national development.
The organizers noted that partnerships between the private sector and civil society organizations remain essential in addressing societal challenges and creating opportunities for sustainable impact.
Access Bank has set Saturday, July 4, 2026 to host its annual UK Polo Day in Windsor, an event when judged by past editions, promises to be one of the season’s most captivating social experiences.
The guest list is a true global roll call, bringing together investors, entrepreneurs, public sector leaders, and cultural influencers, from around the world. It is the kind of setting where a brief exchange over lunch can swiftly evolve into a strategic partnership by day’s end.
But beyond the prominence of those in attendance lies a deeper significance: the collective impact their presence is helping to drive, far beyond Windsor, and thousands of miles away in Northern Nigeria.
The Access Bank UK Polo Day has always carried a philanthropic dimension. This year, that dimension takes centrestage. Proceeds from the event will go directly towards the construction of additional classroom blocks in underserved communities across Northern Nigeria, a region where the gap between school-age children and available learning spaces remains one of the most stubborn obstacles to progress.
For many families in these communities, a classroom is not a given; it is a luxury. Access Bank has been changing that. The numbers tell a familiar and troubling story. Millions of children across Nigeria’s north remain out of school, some because of distance, some because of poverty, and many simply because there is no building to go to.
Bricks and mortar matter. A classroom block does not just give children somewhere to sit; it signals to a community that their children’s futures are worth investing in. It draws teachers. It gives girls a reason, and a safer route, to stay in education. It plants something durable in a place that often feels forgotten by the institutions that should be paying attention. This is the logic behind Access Bank’s commitment.
Access Bank has long recognised that financial inclusion and human development are not parallel pursuits, but one continuous journey. A resilient economy cannot be built on an undereducated workforce, nor can a generation be empowered without first equipping it with the tools to learn. In that sense, the classroom blocks being funded through this year’s Polo Day represent more of a deliberate investment in long-term economic growth than a humanitarian gesture.
What started as a polo fixture has grown into something harder to categorise: part networking forum, part celebration of what African enterprise looks like on a global stage. For Access Bank, the day has become one of the clearest expressions of what the institution is actually trying to do: make it easier for capital, talent, and ideas to move across borders, and to ensure that the benefits of that movement reach communities that rarely appear on an investor’s map.
This year’s event arrives at a moment when those connections feel more urgent than ever. Trade corridors are shifting. Development finance is being redirected. And the institutions best positioned to lead are those that already have trusted relationships and the credibility to match.
Access Bank has spent the better part of two decades building those relationships. The Polo Day is where they show up in person. Windsor lends the occasion its own particular atmosphere. A short drive from London but removed enough from the city to encourage the kind of unhurried conversation that rarely happens in a boardroom, it is a fitting setting for an event that has always been as much about relationship-building as it is about sport.
Jamie Simmonds, Managing Director of The Access Bank UK, was direct about what the day means: “Every year, we bring together an extraordinary community of leaders from across the world. People come to strengthen relationships, explore new possibilities, and contribute to something that matters. What matters most is the chance to make a real, lasting difference in the lives of young Nigerians who simply need a place to learn.”
For Nigerian observers, the symbolism is hard to miss. A bank founded on Nigerian soil is using one of England’s most prestigious social calendars to raise money for classrooms in Kaduna. That is not a small thing; it is a statement about where Access Bank believes its obligations lie, to shareholders and regulators as well as communities that made it possible in the first place.
The matches will be played. The conversations will happen. And somewhere in Northern Nigeria, a child will eventually walk into a classroom that did not exist before July 4, 2026.
