Just as the name implies, Fidelity Bank has been a loyal financial institution to its customers, building a successful business despite the challenges in the environment. The Bank’s Consistency, Unique Services, and a Cohesive Team are key factors that have endeared it to its customers.Fidelity Bank is a top Nigerian lender which is leading the pack among Tier 2 banks in Nigeria. A strong indication of its resilience and commitment to its services despite the economic downturn. Fidelity Bank remains one of the few responsible financial institutions, operating in Nigeria that adheres to the laws guiding the land.
Chaired by an economic adviser to Atiku Abubakar Campaign Organisation for Nigeria’s 2019 presidential election, Mustapha Chike Obi, the bank has demystified the major challenge that African Entrepreneurs face; lack of capital. Some entrepreneurs have been able to tap into the banks easy loan services, helping most SMEs in Nigeria who lack capital with funding.
Chike-Obi is a genius, who bagged a First Class Bachelor’s degree in Mathematics from University of Lagos and an MBA from Stanford University Graduate School of Business.
Under his supervision, Fidelity Bank has provided equity for businesses operating in Africa, with major focus on start-up businesses. The bank has magnanimously built many leaders through provision of loans with soft landings.
This should not be a surprise. Fidelity’s Chairman, is a thoroughbred economic professional who once served as the inaugural Managing Director and Chief Executive Officer of Asset Management Corporation of Nigeria (“AMCON”) from 2010 – 2015. AMCON was established pursuant to the Asset Management Corporation of Nigeria Act no. 4, 2010 on the 19th day of July 2010, for the purpose of efficiently resolving the non-performing loan assets of banks in Nigeria. During his 5-year tenure as MD/CEO of AMCON, Mustafa Chike-Obi performed creditably and won many accolades and admiration from stakeholders in Nigeria’s Banking and Financial services industry. He is currently Executive Vice-Chairman of Alpha African Advisory Limited.
Fidelity Bank Plc under his watch, clearly demonstrated its resilience and stability, last month when it announced its financial results for the year ended December 31, 2020. The performance which capped a remarkable year, showed strong growth in Core Operating Profits, Net Revenue, and other key financial indices. It posted a 50.9% growth in Core Operating Profits from N29.8BN in 2019FY to N44.9BN while Net Revenue increased by 15.0% from N111.8BN in 2019FY.
According to a Press release by the Bank, its customer Deposit, which is a measure of consumer confidence rose by 38.7% from N1,225.2BN to N1,699.0BN just as Total Assets grew by 30.5% from N2,114.037TRN in 2019FY to N2,758.148TRN.
The irresistible progress of the Bank’s digital banking platform has also endeared new customers to it. The bank has created a user-friendly interface between the bank and its customers. With this, customers do not need to bank with Fidelity within its four walls. They can pay bills, transfer money, and make other transactions through the application.The bank confirmed that over 52.8% of its customers are now enrolled on the Bank’s mobile/internet banking compared to 47.4% in 2019FY, while 88.4% of our customers’ transactions were done on the digital platform products and more than 81% of total transactions done on digital platforms.The Bank’s *770# is an instant offline service that has come in handy for its customers. The bank’s Online and offline Banking offers customers the ability to stay in control of their finances, whenever and wherever. They can manage their transactions, accounts and cards securely and easily anywhere. They can as well manage their bank accounts from an android or IOS mobile device. It is secure and very simple to use.
The Fidelity Export Management Programme (EMP) is an intense and hand-on export management education, designed to equip Nigerian exporters, regulators, financiers and policy makers with the practical knowledge and business management skills required to compete effectively in the global export market. This is another first from the bank.
Olamide Adeniji is a member of the editorial team of TheScript Newspapers
