Connect with us

BUSINESS

Nigeria’s Banking Industry: Fidelity Bank

Fidelity Bank is a first-tier commercial bank offering financial services to over four million customers, predominantly in Nigeria. It’s been a savings haven for numerous individuals for more than two decades, and for almost thirty years, it has assisted local businesses with the financial support they need to scale.

Although it started out on the periphery of the banking industry, it has become one of the sector’s major players. The bank’s total assets in 2018 have been valued at over $5 billion.

History

Fidelity Bank was founded in 1987, and began operations the following year as a merchant bank. A decade later, it became a commercial bank. This shift occurred just as the opportunities in the commercial banking sector began to broaden.

The change in focus began to yield fruit shortly after. By 2005, Fidelity Bank had established itself enough to acquire another bank (FSB International Bank) and get listed on the Nigerian Stock Exchange. Over the next few years, it expanded across the country, opening new branches and setting up ATMs in hundreds of locations.

It received an international banking license in 2011. In the same year, it was named Nigeria’s seventh most capitalized bank.

Products and Services

Although Fidelity Bank now serves a larger variety of customers than it did in its early years, it still has a strong pro-business focus. There’s an array of SME-friendly packages and corporate support facilities available from it.

But it does help individuals too. It has the usual collection of services you can expect from a commercial bank: money deposit accounts, bank cards, mobile app, and internet banking. Fidelity Bank grants loans to people who meet its criteria; it gives a fair deal of this to small and medium scale business, under select programs and as part of its regular operations.

Two small business-oriented accounts offered by the bank include the Fidelity Small Business Account, a current account fashioned to meet the peculiar needs of SMEs; and the Fidelity Pharmacy Support, which provides the working capital that pharmacies require to stock up.

Since 1996, the bank has been involved in wealth management. Its private banking operations cater to high net worth individuals who want to keep their funds safe from the effects of regular and cyclical economic pressure.

Other Engagements

In 2019, Fidelity Bank organized the Fidelity Bank SME Funding Grants Competition, which was aimed at rewarding SMEs with profitable and sustainable business models.

In recent years, it has run a youth empowerment workshop, launched a creative writing contest, worked with NGOs to raise awareness about sickle cell disease, and partnered with business services organizations to help MSMEs achieve their growth objectives.

Featured image: Fidelity

Find the Fidelity Bank nearest to you here.

Continue Reading
Advertisement
Ikenna Nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement

Did You Know?

Events

Discover Nigeria

Career

Tourism

To Top