Fidelity Bank Plc has commenced the disbursement of the Federal Government of Nigeria’s (FGN) Micro, Small and Medium Enterprises (MSME) Intervention Fund, with a special focus on women-owned businesses.

The fund, administered by the Bank of Industry (BOI), is aimed at providing affordable financing to small businesses across Nigeria’s 36 states.

According to the bank, this phase of the programme prioritises women entrepreneurs as part of its broader strategy to promote gender inclusion, economic resilience, and job creation.

Women entrepreneurs at the centre

Speaking on the development, Osita Ede, Divisional Head of Product Development at Fidelity Bank, explained the reason for focusing on women-led enterprises.

“As a bank deeply committed to the growth of SMEs, we are proud to partner with the Federal Government and the Bank of Industry on this critical intervention. For this phase, we are placing women at the forefront because we recognize their resilience, innovation, and pivotal contributions to wealth creation and employment generation in Nigeria,” he said.

A structure for seamless disbursement

Fidelity Bank said it has deployed a robust structure to ensure easy onboarding and quick access to funds. With its 255 business offices, nationwide branch network, digital banking platforms, and experienced relationship managers, the bank is targeting entrepreneurs in both urban and rural communities.

The lender described its role in the scheme as part of a wider mission to strengthen Nigeria’s small business ecosystem.

Recent initiatives supporting SMEs

The bank’s commitment to SMEs extends beyond financing. Earlier this year, Fidelity launched the Fidelity SME Empowerment Programme (FSEP) at its Gbagada SME Hub in Lagos.

Under the programme, 100 growth-ready small businesses received free business support including ERPRev-enabled POS systems, inventory management tools, branding support, receipt printers, software solutions, training workshops, and six months of monitoring.

In May 2025, Fidelity also signed a Memorandum of Understanding with SMEDAN, the Small and Medium Enterprises Development Agency of Nigeria, to provide low-interest loans, market access, and capacity-building programmes for SMEs.

A broader vision for economic empowerment

“Our vision goes beyond financing. We are building an ecosystem of support for SMEs by offering capacity-building programs, mentorship opportunities, and market access. Women entrepreneurs, in particular, will benefit from a larger share of the fund as part of our broader strategy to promote gender inclusion,” Ede added.

The intervention, Fidelity Bank said, will deepen access to affordable credit while strengthening the resilience of Nigeria’s small business sector.

Recognition and awards

Fidelity Bank, which serves more than 9.1 million customers in Nigeria and through its UK subsidiary, FidBank UK Limited, has won several awards in recognition of its support for SMEs and digital banking innovation.

In 2024, the bank was named Best Bank for SMEs in Nigeria by Euromoney Awards for Excellence, Export Financing Bank of the Year by the BusinessDay BAFI Awards, and also received international awards for digital transformation and innovation in mobile banking.

Olapeju Ibekwe, Chief Executive Officer of Sterling One Foundation, has been appointed to the Board of the United Nations Global Compact Network Nigeria (UNGCNN). The announcement was made ahead of the 80th United Nations General Assembly (UNGA), where Ibekwe is set to join world leaders in shaping Africa’s role in advancing the Sustainable Development Goals (SDGs).

The appointment, confirmed through UNGCNN’s official channels, underscores Ibekwe’s growing influence in Africa’s sustainable development landscape.

Championing Inclusive Development

Olapeju Ibekwe has built a reputation for advancing sustainable solutions in education, healthcare, women’s empowerment, and youth inclusion. Under her leadership, the Sterling One Foundation has established global partnerships and delivered impactful programmes across Africa, reaching thousands of beneficiaries while influencing both policy and practice.

Commenting on the appointment, she described it as an opportunity to drive deeper localisation of the UN’s development agenda.

“This is an opportunity to further strengthen the localisation of the SDGs, a cause I have championed through the Sterling One Foundation,” said Olapeju Ibekwe.

A Critical Moment for Africa

Observers note that her appointment comes at a pivotal time. Only 15% of the global SDG targets are currently on track, while Africa faces an estimated $200 billion annual financing gap to achieve them. Experts say bridging this gap requires not just funding but also political will, bold decision-making, intentional private sector collaboration, and strong civil society engagement.

The new role also aligns with wider global frameworks such as the UN Global Compact Principles and the African Union’s Women and Youth Financial and Economic Inclusion (WYFEI) 2030 initiative, both of which emphasise inclusive growth and sustainable private sector practices.

Linking Local Action to Global Conversations

Ibekwe’s leadership in initiatives such as the Africa Social Impact Summit (ASIS) has already mobilised governments, businesses, and civil society to form partnerships that unlock Africa’s potential. Her presence on the UNGCNN board is expected to amplify these efforts on the global stage.

“With this new role, Olapeju Ibekwe is poised to bring grassroots experience and continental insights into global conversations, reinforcing the view that Africa is not just a recipient of aid but a driver of innovation and solutions for sustainable development,” said an analyst following her appointment.

About UN Global Compact Network Nigeria

The UN Global Compact Network Nigeria is the local chapter of the world’s largest corporate sustainability initiative. It mobilises businesses and organisations to align with universal sustainability principles while advancing the SDGs through collective action.

Wema Bank Plc has successfully concluded its ₦150 billion Rights Issue, securing formal approval from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

The fundraising exercise, which ran between April 14 and May 21, 2025, was oversubscribed, reflecting strong investor confidence in the bank’s strategy and performance. With this milestone, Wema Bank’s total qualifying capital now stands at ₦214.7 billion — comfortably above the ₦200 billion minimum capital requirement for commercial banks with national authorization.

Additional ₦50bn private placement in progress

In addition to the Rights Issue, the bank recently concluded a ₦50 billion private placement, which is now awaiting regulatory review. This extra capital will further strengthen the lender’s financial position, boost resilience against shocks, and provide a platform for sustainable growth.

CEO hails shareholder trust

Speaking on the development, Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, expressed confidence in the bank’s future and appreciation for its shareholders.

“As a growth-driven bank, the industry recapitalization requirement came as a welcome mission, and we undertook it with full confidence. Our success in surpassing the ₦200 billion benchmark ahead of the 2026 deadline not only reinforces our strong financial standing as a bank but also attests to the mutual trust and confidence that exists between Wema Bank and its shareholders. We do not take this trust for granted and we take this moment to firmly reiterate our commitment to continue delivering optimum value to every shareholder and stakeholder of Wema Bank.”

Strengthened position in Nigeria’s banking sector

The completion of the capital-raising initiatives signals a stronger prudential position for Wema Bank and demonstrates its commitment to regulatory compliance and prudent risk management.

Analysts say the move will not only stabilise Wema Bank’s operations but also contribute to the wider resilience of Nigeria’s financial system. The bank is now positioned to support more customers, deepen digital banking innovation, and expand its national footprint.

Strategic outlook

The recapitalization drive follows the CBN’s directive for Nigerian banks to shore up their capital bases within 24 months, a policy aimed at strengthening the sector. By meeting the requirement ahead of the 2026 deadline, Wema Bank has secured a competitive advantage among its peers.

Wema Bank said it remains committed to leveraging its new capital base to expand services, strengthen governance, and deliver long-term value for stakeholders.

For further details, the bank advised investors and customers to visit www.wemabank.com or contact its investor relations team.