Fidelity Bank Plc, one of Nigeria’s leading financial institutions, has called on Small and Medium-scale Enterprises (SMEs) in Lagos to embrace digital solutions, maintain sound financial management practices, and adopt structured business models to improve their competitiveness. This recommendation comes as the bank seeks to drive sustainable growth for these businesses. According to a report published by THISDAYLIVE on October 19, Kayode Tokede, the Deputy Managing Director of Fidelity Bank, made this appeal during the Lagos Business School’s SME Clinic. Tokede emphasized the importance of digital adoption for SMEs, stating that it would enable them to better manage their finances, reach wider customer bases, and compete effectively in today’s dynamic business environment. This call for digital adoption aligns with the broader objective of the Central Bank of Nigeria (CBN) to increase digital financial services penetration and drive financial inclusion in the country. The CBN’s strategy is aimed at reducing the reliance on cash transactions, promoting financial literacy, and fostering economic growth. As digital solutions continue to reshape the business landscape, it is crucial for SMEs to adapt and leverage these tools to stay relevant and competitive. While this shift may require an initial investment, the potential benefits in terms of efficiency, reach, and growth opportunities are substantial. Fidelity Bank’s advocacy for digital adoption is a testament to the bank’s commitment to supporting the growth and development of SMEs in Nigeria.
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