TLG Capital announced yesterday that it would be investing with Fidelity Bank Plc an amount of up to US$20M. Through TLG’s Africa Growth Impact Fund (AGIF), the investment would be channelled towards the development of Small Medium Enterprises (SMEs) focused on healthcare, education, and consumer sectors amongst others in the country.
Fidelity Bank Plc has over the years, remained at the forefront of SME development in Nigeria as exemplified by its provision of innovative funding options and other forms of relevant support to budding and established entrepreneurs. Both organizations recognize the important role SMEs play in driving economic development.
As a reputable financial institution, Fidelity Bank Plc understands the importance of gender diversity and its positive correlation with economic growth. To this end, the bank has invested significantly in women-led businesses given that it outperforms male-led enterprises from a volatility and headline risk standpoint.
These are core values at TLG, making the partnership with Fidelity an exciting one from a social as well as a commercial perspective.
TLG’s partnership with Fidelity Bank Plc demonstrates its resolve to support the financial inclusion of the underbanked but also reaffirms its unflinching support for SMEs, who otherwise do not have access to growth capital.
With Fidelity Bank Plc’s partnerships such as Sebeccly Cancer Care, Empathy Driven Women International Initiative (EDWIIN) and Sickle Cell Awareness and Management Initiative (SAMI), TLG remains highly confident that its Investment will support healthcare and education focused initiatives by SMEs in Nigeria.
Fidelity Bank Plc is a commercial bank in Nigeria with over 5 million customers who are serviced across its 250 business offices and various other digital banking channels. The bank focuses on select niche corporate banking sectors as well as Micro Small and Medium Enterprises (MSMEs).
The bank is rapidly implementing a digital-based retail banking strategy, which has resulted in exponential growth in savings deposits over the last six years, with over 40 percent customer enrolment on the Bank’s flagship mobile/internet banking products.
Culled from Further Africa