Fidelity Bank Urges Lagos SMEs to Embrace Digital Solutions for Sustainable Growth
Fidelity Bank Plc has urged small and medium-scale enterprises (SMEs) in Lagos State to embrace digital solutions, strengthen financial management practices and adopt structured business models to improve competitiveness and achieve sustainable growth.
The bank said digital technology, proper financial record-keeping, disciplined cost management and compliance with tax regulations were essential for businesses seeking to navigate Nigeria’s challenging economic environment and position themselves for long-term success.
The call was made at the third edition of the Fidelity Bank SME Quarterly Business Forum held 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 discuss practical strategies for strengthening SMEs 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 entrepreneurs despite prevailing economic and operational challenges.
He noted that businesses operating in the state had to contend with rising operating costs, intense competition, changing consumer preferences, infrastructure limitations and working capital constraints.
According to him, entrepreneurs must develop the capacity to overcome these challenges by adopting sound business practices, improving service delivery and making informed decisions based on reliable financial information.
“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 explained that building a competitive business required more than ambition, stressing the importance of maintaining reliable products, delivering consistent services, keeping proper records, managing costs and controlling inventory efficiently.
He also urged business owners to develop a better understanding of their customers’ needs and preferences to remain competitive in an increasingly demanding marketplace.
On digital adoption, Monye said technology could help entrepreneurs improve operational efficiency, monitor business performance and make better-informed decisions.
He explained that digital tools could provide business owners with clearer information on sales, inventory, expenses and profitability, enabling them to identify weaknesses, monitor performance and determine areas requiring improvement.
“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 said.
Monye also highlighted the importance of maintaining accurate financial records and separating personal expenses from business finances.
He noted that poor financial management could make it difficult for entrepreneurs to determine their businesses’ actual financial positions, assess profitability and demonstrate their creditworthiness when seeking loans.
He added that disciplined financial practices were essential for building sustainable enterprises and improving access to financing.
The regional bank head reaffirmed Fidelity Bank’s commitment to supporting SMEs through innovative banking solutions, capacity-building initiatives and access to capital.
In her remarks, the Divisional Head, SME Banking, Fidelity Bank Plc, Mrs Ugochi Osinigwe, described SMEs as the backbone of Nigeria’s economy, noting that their growth and sustainability were important to economic development.
She said the bank established the quarterly business forum to provide entrepreneurs with opportunities to acquire relevant business knowledge, exchange ideas, establish valuable connections and identify practical solutions to challenges affecting their operations.
“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 to take advantage of the bank’s financing solutions, advisory services and strategic partnerships to strengthen their businesses and explore new growth opportunities.
The participants represented various sectors, including trade and distribution, manufacturing, maritime and logistics, technology, hospitality, financial services and the creative industry.
Osinigwe noted that businesses across these sectors could benefit from appropriate financial products, expert guidance and strategic relationships that would help them improve their operations and respond effectively to changing market conditions.
She reiterated the bank’s commitment to providing entrepreneurs with the support and resources required to expand their businesses, improve profitability and remain competitive.
Also speaking at the forum, the Head of Audit, Surulere Division, Nigeria Revenue Service, Dr Ibrahim Olalere, stressed the importance of tax compliance and proper record-keeping in building sustainable businesses.
He urged entrepreneurs to understand their tax obligations and maintain accurate financial records to ensure that their businesses operated within the applicable regulatory framework.
According to him, tax compliance should be regarded as an essential component of responsible business management rather than an obligation to be addressed only when regulatory authorities demand it.
“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,” Olalere said.
He explained that proper documentation and an understanding of tax requirements could help businesses manage their obligations more effectively and reduce the risk of avoidable compliance difficulties.
Olalere’s remarks reinforced the forum’s emphasis on structured business operations, with financial transparency and regulatory compliance identified as important considerations for enterprises seeking sustainable growth.
The Managing Director and Chief Executive Officer of Emosh Foods, Mr Oshiokpelua Osiga, also commended Fidelity Bank for creating a platform that addressed the practical challenges facing entrepreneurs.
Osiga observed that while having a good product was important, business owners also needed access to reliable information, financing opportunities and networks to expand their operations successfully.
“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.
He noted that engagements of this nature could help entrepreneurs learn from one another, understand prevailing business challenges and identify strategies for improving their competitiveness.
Osiga’s comments highlighted the need for SMEs to combine product quality with effective management, adequate funding and access to business development opportunities to achieve lasting success.
The third edition of the Fidelity Bank SME Quarterly Business Forum underscores the bank’s broader efforts to support entrepreneurs with the knowledge, tools and resources required to build resilient and profitable enterprises.
Through the initiative, the bank seeks to encourage business owners to adopt modern business practices, strengthen their financial management systems and identify opportunities for expansion in an increasingly competitive economic environment.
SMEs play an important role in Nigeria’s economic activities, particularly in employment generation, trade and the provision of goods and services. However, many businesses face challenges relating to access to finance, operating costs, infrastructure and regulatory requirements.
The issues discussed at the forum highlighted the importance of combining access to capital with digital innovation, business advisory support, financial discipline and regulatory awareness to improve the prospects of small businesses.
Fidelity Bank Plc operates as a commercial deposit money bank, serving more than 10 million customers through digital banking channels and 255 business offices in Nigeria, alongside its 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 support to micro, small and medium-sized enterprises.
It also received the Best Retail and SME Bank Award from Independent Newspapers, Best Bank for Export and Trade Finance and Most Innovative Bank of the Year at the 2025 BusinessDay Banks and Financial Institutions Awards.
Other recognitions include Nigeria’s Best Private Bank at the 2025 Euromoney Awards, Most Improved Commercial Bank of the Year from Nairametrics, SME Bank of the Year from NewsDirect and the Straight-Through Processing Excellence Award from Citi Group.
The bank was also recognised by Global Brands Magazine for Excellence in Community Empowerment.
