A private equity firm, TLG Capital announced that it would be investing with Fidelity Bank Plc a sum of $20 million on SMEs in Nigeria
The funds will be channelled through TLG’s Africa Growth Impact Fund (ADIF), towards the development of SMEs in the country. Notably, the fund will be direct to SMEs that are focused on healthcare, education, consumer sectors, amongst others.
This new investment is in line with the bank’s move to provide innovative funding options and other forms of relevant support to entrepreneurs in the country.
Fidelity Bank Plc is a commercial bank in Nigeria with over 5 million customers, serviced across its 250 business offices and other digital banking channels.
According to information from the website of TLG Capital, a total of $303 million loans was still outstanding to SMEs and the unbanked through its portfolio companies.
This new investment will come as good news to SMEs and other entrepreneurs in the country, especially those seeking to obtain loans in the listed sectors.