Fidelity Bank to tackle startup challenges

Fidelity Bank has expressed a willingness to partner with other stakeholders to tackle the twin challenges of investment and support facing startups in Africa.

This was disclosed at the Africa Technology Expo, which took place recently in Lagos.

In her keynote at the event, the Managing Director/Chief Executive Officer of Fidelity Bank Plc, Dr Nneka Onyeali-Ikpe, stated that the bank was also working in that direction with the implementation of a digital-based retail-banking strategy via an SME business hub to facilitate networking and collaboration among startups, content creators and other digital entrepreneurs.

Onyeali-Ikpe, represented by the bank’s Executive Director/Chief Risk Officer, Kevin Ugwuoke, said, “At Fidelity Bank, we are convinced that Africa can be the hub of emerging technology and we encourage stakeholders to close ranks to tackle the two main constraints to start-ups tech growth, namely: lack of investment, an internal issue, and inadequate support, an external issue.

“This informs our decision to partner with SPARK Africa and other stakeholders to host the African Technology Expo a platform for startups and participants to meet with investors, growth partners and network among leaders in the industry. We are convinced that the 2024 edition can kick-start Africa’s digital transformation and spur growth across communities and economies. Fidelity Bank seeks to water the seeds for this Digital transformation and we are delighted to host tech start-ups aligned with this purpose.”

The Lagos State Governor, Babajide Sanwo-Olu, represented by the Commissioner for Innovation, Science, and Technology in Lagos State, Olatubosun Alake, highlighted the state’s intervention in the technology and innovation industries while acknowledging the role of tech startups in driving economic growth and social development.

On his part, the Chief Innovation Officer of the Africa Technology Expo, Nnaemeka Clinton, stated the commendable growth and innovation within the African tech industry.

“From the wider tech landscape of the African continent to the busy hubs of Accra and Lagos, we have witnessed relentless innovation that is shaping our future,” he asserted.

Meanwhile, Fidelity Bank is in the middle of raising about N127bn via a rights issue and public offer in a bid to meet the new capitalisation base announced by the Central Bank of Nigeria in March.

Provided by SyndiGate Media Inc. (Syndigate.info).