Fidelity Bank Plc has urged small and medium-sized enterprises in Lagos to adopt digital solutions, maintain proper financial records and strengthen business management practices to improve competitiveness and achieve sustainable growth.

The call was made at the bank’s SME Quarterly Business Forum in Lagos, themed “Build to Compete: Positioning Lagos Businesses for Sustainable Growth.” The forum brought together entrepreneurs, industry experts and representatives of the Nigeria Revenue Service to discuss digital innovation, financing and tax compliance.

Speaking at the event, the Regional Bank Head, Ikeja, Jude Monye, who represented the Executive Director, Lagos and South-West, Ken Opara, said businesses must address rising operating costs, competition and working capital constraints to remain competitive.

He said digital tools could help business owners monitor sales, inventory, expenses and profitability, while proper record-keeping and separating personal finances from business accounts could improve sustainability and access to financing.

The Divisional Head, SME Banking at Fidelity Bank, Ugochi Osinigwe, encouraged entrepreneurs to leverage the bank’s financing solutions, advisory services and strategic partnerships to expand their businesses.

Also speaking, the Head of Audit, Surulere Division, Nigeria Revenue Service, Ibrahim Olalere, stressed the importance of accurate financial records and tax compliance in building sustainable enterprises.

The Managing Director and Chief Executive Officer of Emosh Foods, Oshiokpelua Osiga, said access to information, financing and business networks was essential for entrepreneurs seeking to scale their operations.

The forum, now in its third edition, forms part of Fidelity Bank’s efforts to support small businesses through capacity development, financial services and business advisory initiatives.