Dr. Nneka Onyeali-Ikpe, Managing Director and Chief Executive Officer of Fidelity Bank Plc, has revealed that less than 20% of African Small and Medium Enterprises (SMEs) have access to formal finance, leaving a staggering US$331 billion financing gap.
She made the disclosure at the Africa Prosperity Dialogue (APD) 2026 on Wednesday, 4th February, 2026. APD 2026, running until Friday, 6th February 2026, is convened under the theme ‘Empowering SMEs, Women and Youth in Africa’s Single Market: Innovate. Collaborate. Trade.’ The event brings stakeholders together to shape actionable policies, unlock bankable projects, and advance inclusive prosperity under the AfCFTA.
Dr. Onyeali-Ikpe highlighted the critical need for targeted interventions to support SMEs, women-led businesses, and youth enterprises across the continent.
“Despite the fact that less than 20% of all African SMEs have access to formal finance, leaving a staggering US$331 billion financing gap,” she said. Citing the IFC’s MSC MSME Finance Gap Report of 2025, she noted that Africa has the highest rate of female-owned enterprises globally, with approximately 26% of businesses run by women, yet these enterprises face severe financing and trade barriers.
As a banker and operator, Dr. Onyeali-Ikpe expressed surprise at the persistent challenges facing female-led businesses. “Data shows that out of 10 companies that have bad debt, only one is female-led. So that’s why it’s quite surprising that we keep talking about this,” she said, stressing the importance of turning dialogue into actionable solutions.
She outlined three key priorities to address the challenges: unlocking women-led trade, converting Africa’s youth potential into enterprise, and making SMEs trade-ready. Dr. Onyeali-Ikpe stressed that trade finance must be tailored to women-led SMEs and complemented by simplified border procedures to move informal businesses into scalable enterprises.
“UN research shows that women reinvest up to 90% of their incomes… Similarly, the AfCFTA identifies over US$15 billion in untapped trade potential from women-led enterprises,” she said. On youth engagement, she added, “By 2035, Africa will add more young people to the workforce each year than the rest of the world put together… Youth-led businesses need skills aligning with tradable sectors and digital access to regional markets.”
Dr. Onyeali-Ikpe also highlighted Fidelity Bank’s initiatives in supporting SMEs, including the Fidelity Nigeria International Trade and Creative Connect, which has enabled Nigerian SMEs to enter markets in the United Kingdom and the United States. “Through this effort, we have several of our SMEs that now have their products on the big shops in the United States and the United Kingdom,” she said.
On empowering women entrepreneurs, she noted the launch of High Fidelity, a comprehensive platform supporting women at every stage of their entrepreneurial journey. Anchored on pillars such as financial support, entrepreneurship development, health and wellness, and business education, the initiative includes a bespoke lending fund offering highly discounted interest rates.
The Fidelity SME Hub, she said, has also provided advisory support, capacity building, and tailored funding to over 50,000 SMEs, helping them transition from survival to scalable enterprises.
Dr. Onyeali-Ikpe emphasized the importance of deliberate policy, targeted capital, and accountable collaboration. “APD 2026 matters because Africa’s single market will not build itself. It will build through deliberate policies, targeted capital, and accountable collaboration. Empowering SMEs, women, and youth speak to sound economic strategy, and for this, we look forward to translating these discussions into bankable outcomes for Africa’s economy,” she said.