Fidelity Bank urges Lagos SMEs to adopt digital solutions

Fidelity Bank Plc has urged Small and Medium-scale Enterprises (SMEs) in Lagos to adopt digital solutions and structured business models to improve competitiveness and ensure sustainable growth.

During the Fidelity Bank SME Quarterly Business Forum, themed ‘Build to Compete: Positioning Lagos Businesses for Sustainable Growth’, industry experts and representatives from the Federal Inland Revenue Service (FIRS) discussed strategies for digital innovation, trade financing, and regulatory compliance.

Jude Monye, Regional Bank Head for Ikeja, noted that while Lagos is a vibrant commercial hub, entrepreneurs face significant hurdles including rising operating costs, infrastructure limitations, and working capital constraints. He emphasized that digital tools are essential for providing business owners with accurate data on sales, inventory, and profitability to facilitate better decision-making.