TLG Capital in up to $20m investment agreement with Fidelity Bank Nigeria
TLG Capital has announced today that it would be investing with Fidelity Bank Plc an amount of up to $20 million. Through TLG’s Africa Growth Impact Fund (AGIF), the investment would be channelled towards the development of 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 organisations recognise the important role SMEs play in driving economic development.
Fidelity Bank Plc is a commercial bank in Nigeria with over five 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.
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% customer enrolment on the bank’s flagship mobile/internet banking products.
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