Fidelity Bank holds SME Forum
Fidelity Bank, one of Nigeria’s foremost SMEs supporting bank, has held a fresh edition of its SME Forum via a one-on-one live interview on Instagram.
In the latest edition of the programme which the bank organises to enlighten and update small and medium scale entrepreneurs, the bank played host to Mr. Olagoke Balogun, Co-Founder and CEO of SoFresh, Nigeria’s pioneer healthy food chain, selling a wide range of fresh salads, juices, smoothies, parfait, fiesta wraps, sandwich and other quick on-the-go healthy meals.
While looking at the topic, “How to Thrive in a Tough Economy: Key Insights for Food Companies”, the bank, through the anchor person for the programme, Chioma Okpala, explained that the topic was chosen as a deliberate departure from agriculture which it had dwelt extensively on in previous editions.
While doing justice to the topic, Balogun took participants through his organisation’s corporate trajectory, highlighting lessons which he and his co-founder learnt along the line, and taking a comprehensive look at the food industry. He highlighted how the industry has been affected by the COVID-19 pandemic, and offered tips on how existing and would-be small and medium scale enterprises can scale up their businesses.
Balogun emphatically hinted that COVID-19 had made neighbourhood shopping to become a new normal which may have come to stay with us in Nigeria. He thus advised small scale entrepreneurs in the food industry to take a fresh look at their operating models with a view to increasing capacities for deliveries which is rising and will continue to rise, while leveraging on existing e-commerce platforms and smaller ones that are bound to crop up. He also advised them on exploring the possibility of co-location, develop their own websites where they can; and leveraging the social media as may be appropriate for their businesses and relevant to their clients.
In addressing the critical question of funding for would-be small scale entrepreneurs, the company executive advised that starting with family and friends “who know you more than anyone else”, and your personal savings is a good way to start; adding that there are numerous grants, here and there, which they could also access, once they can successfully go through all the rigorous processes which the grants usually involve. And, according to Balogun, “you can make effort to access more than one of such grants.
As for bank loans, Balogun was emphatic in disclosing that “it is only if you have an extraordinary idea that you think about approaching a bank at all”.
It would be recalled that Fidelity Bank is a full-fledged commercial bank operating in Nigeria, with over 5 million customers and focusing on select niche corporate banking sectors as well as Micro Small and Medium Enterprises (MSMEs), Fidelity Bank is rapidly implementing a digital based retail banking strategy which has resulted in exponential growth in savings deposits over the last Six (6) years, with over 40 percent customer enrollment on the Bank’s flagship mobile/internet banking products.
Quoted on the Nigerian Stock Exchange (NSE), Fidelity Bank Plc began operations in 1988 as a Merchant Bank. In 1999, it converted to Commercial Banking and then became a Universal Bank in February 2001. The current enlarged Fidelity Bank is a result of the merger with the former FSB International Bank Plc and Manny Bank Plc in 2005.
Reputed for integrity and professionalism, Fidelity Bank recently won accolades as the Best SME Friendly Bank, Best in Mobile Banking and the Most Improved Corporate/Investment Bank among several industry awards and recognitions.
On its part, SoFresh is Nigeria’s number one healthy food chain, providing fresh, delicious, nutrient-rich healthy meals and committed to promoting a healthy lifestyle.
Founded in 2010 as Fruitivegies Limited, which name was changed to So Fresh in 2013. Nine years on, the company has become the prime and preferred destination for people to make clean, safe, nutrient-rich and healthy food choices in Nigeria and is thus at the forefront of inspiring and motivating everyone to adopt a healthy lifestyle, in support of the achievement of the UN Sustainable Development Goals 2 and 3 in Nigeria.
RECOMMENDED ARTICLES
Comment
No comments found.