Following its investment exits from Nigeria’s microloans service provider and Rwanda’s BAJ fuel stations in the year 2020 and Atlas Mara in 2021, TLG Capital, an investment holding company focused on private equity and debt opportunities in Sub-Saharan Africa has announced a $20 million investment into Fidelity Bank Plc for the development of Small, Medium Enterprises (SMEs) in Nigeria.
TLG in a statement on Tuesday in Lagos revealed that the investment will be channelled towards the development of Small Medium Enterprises (SMEs) focused on healthcare, education, and consumer sectors amongst others in the country, and is expected to be consolidated through TLG’s Africa Growth Impact Fund (AGIF).
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According to the Saad Sheikh, Principal at TLG Capital, “Fidelity Bank Plc is a reputable financial institution, and 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.
“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,” he revealed.
He said that these core values at TLG is making the partnership with Fidelity an exciting one from a social as well as from a commercial perspective. He further stated that 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,” Saad stated.
Meanwhile, the tier-1 bank in Nigeria is rapidly putting into operation a digital-based retail banking approach, which has resulted in exponential growth in savings deposits over the last six years, with over 40 per cent customer enrolment on the Bank’s flagship mobile/internet banking products.