The Nation Newspaper

Tag: Fidelity Bank

  • Winners emerge in Fidelity Bank’s scholarship promo

    Winners emerge in Fidelity Bank’s scholarship promo

    Thirty one customers of Fidelity Bank Plc have won a total of N12.7 million cash and lots of consolation prizes in the ongoing ‘Save 4 Scholarship’ promo organised by the lender.

    Speaking during a the second raffle draw for qualified customers in Lagos, its Executive Director, Lagos and Southwest, Ik Mbalu said a total of N80 million will be won by 200 customers within six months.

    He explained that 34 customers had won N16.7 million during the first draw, adding that more N49.6 million will still be won in subsequent draws.

    Mbalu said the promo is aimed at supporting government’s efforts at building sustainable educational standards in the country and providing financial empowerment to the general populace.

    Some of the winners are Kyrian Obiajunwa, Ohajianya Kelechi, Okoli Chinedu, Isu Agha won N210,000,  each; James Faith, a student living in Kaduna, Okoye Emeka, Aregbesola  Blessing, Adigun Fadeke among others won N500,000 each.

    Other winners were Job Israel, Adewale Abiodun, Agom Chidi  among others who won N1 million each. Anieke Vincent, Hadiza Musa, Akobi Chikwudi, Okenyi Sunday among others won consolation prizes of generators and refrigerators.

    The bank’s Head of Retail Banking, Emeka Obiagwu said the draw was designed to encourage customers save more. He said the bank has not restricted the usage of the money won by customers, but such funds will ease the burden of school fees on the winners.

    He said the bank also wants members of the public to also know that it is supporting education adding that the country was divided into six zones to ensure that everyone is covered. The N2 million star prize is zoned to Abuja.

  • Fidelity Bank reaffirms commitment to retail banking

    Fidelity Bank reaffirms commitment to retail banking

    Fidelity Bank Plc  is commitmented the retail banking segment, the Executive Director, Corporate Banking Fidelity Bank, John Obi, has said.

    Speaking with  journalists at the presentation of prizes to customers of the bank that emerged winners in its ‘Save 4 Scholarship,’ promo, he said the bank has deepened its position in the retail banking space. According to him, the promo, would enable it attract more customers.

    “We are very active in the retail banking space and we also want to deepen our hold on that sector and this promo is a stepping stone for that,” he added.

    Obi said the promo was organised to enable the financial institution reach out to a lot of bank customers as well as the unbanked.

    He explained: We want members of the public to also know that we are supporting education. We want to give the Federal Government the necessary support to improve the level of education in this country.”

    He also said it was part of the bank’s corporate social responsibility, “to make sure that everybody is given the opportunity to win and to be part of this scholarship”.

    Obi said there had been an upsurge in the number of accounts in the bank.

    The first N2 million star-prize winner in the promo was Mr. Agozie Nwosu, a customer of the Egbeda branch, Lagos of the bank. In addition, Kikiyi Williams, Umar Aliu, Sharon Sunday Uneke, Vincent Nnabuike, Umar Musa Ahmed and Orumba Gerrard, had all won N1 million each.

    Also, some customers won N500, 000, N210, generator sets as well as refrigerators.

  • Nnamdi Okonkwo rocks at 50

    Nnamdi Okonkwo rocks at 50

    Grand pageantry was recently at play when Nnamdi Okonkwo, the Chief Executive Officer and Managing Director, Fidelity Bank Plc, joined the golden club. Family and friends stood to be counted at the celebration.

    Ruby Garden, along Lekki-Epe Expressway, Lagos, hosted the 50th birthday of the quintessential banker. The event, anchored by Uchechi Yakub-Lawal and Comedian Akpororo, also had a brief documentary of the celebrant viewed by cheering guests who came from all walks of life to celebrate Okonkwo. The cutting of the cake was anchored by Ali Baba, while music was supplied by reggae gospel sensation, Buchi.

    The event had in attendance Minister of State for Defence, Musiliu Obanikoro; former Anambra State governor, Peter Obi; Ben Akabueze; Raginald Ihejiahi; Nkiru Anumudu; Kola Abiola; Alex Oti; Nicholas Okoye; Chidi Anyaegbu; Clint Obioha and many A-list celebrities.

    Nnamdi, no doubt has done well for himself. Prior to his ascendancy to the number one post at Fidelity Bank Plc, he was an executive director in charge of the South Directorate of the bank. Holder of a Bachelor of Science degree in Agric Economics from the University of Benin, and an MBA in Banking & Finance from Enugu State University, he has attended various business and management training locally and overseas, including Harvard Business School and University of Oxford, among others.

    He is also a graduate of the Advanced Management Programme of INSEAD Business School, Fontainebleau, France.

  • PayPal accepts Fidelity Bank’s cards

    Fidelity Bank Plc has announced the acceptance of its payment cards on the PayPal platform. With this development, the lender’s cardholders can now shop from the world’s major international retailers with more flexibility and convenience.

    PayPal is a global payment firm that recently entered the Nigerian market.

    Coming on the heels of the proposed nationwide adoption of the CBN’s cash-less initiative, this move is seen as part of the bank’s efforts to boost electronic payments and foster ease of transactions.

    PayPal, a global player in the e-commerce industry, offers a faster and effective means of conducting transactions over the internet and is being used by millions of customers across the world.

    Divisional Head, Electronic Banking, Adedeji Olowe who spoke on behalf of the Managing Director and Chief Executive Officer, Fidelity Bank Plc, Nnamdi Okonkwo said the introduction of PayPal is a deliberate attempt by the bank to make financial services easy and accessible to its customers.

    Olowe said that the development is in line with the bank’s commitment to consistently deploy innovative strategies to make life easier for its Customers. “We believe that our Customers will benefit immensely from this innovation, and the registration process is straightforward.

    He, however, explained that the bank would adopt a phased approach to deployment “Only shopping on international websites is available at this time, other services will be introduced in the coming months.

    While the surge in e-commerce has given rise to concerns about online security, the bank has allayed the fears of its Customers by confirming that its Cards are protected with top-notch security tools. In addition to the in-built security mechanism, Fidelity Bank’s MasterCard and VISA Cards are protected with the MasterCard SecureCode and Verified by VISA features.

  • Bank to boost e-payment

    Bank to boost e-payment

    Fidelity Bank Plc is working  on Information Technology  (IT)-driven transformation projects to boost  electronic banking, its Managing Director, Nnamdi Okonkwo, has said.

    Speaking at the bank’s Annual General Meeting in Uyo, the Akwa Ibom State capital, he said the projects would be handled by experts.

    Okonkwo said: “We have also restructured our sales force into a flatter and more nimble organisation, which is closer to the customers and aggressive enough to drive our market share aspirations in order to achieve our corporate strategy. We are centralising our processing functions which will reduce our cost to serve and improve uniformity of customer service.”

    He said the bank’s shareholders okayed a 14 per ordinary share of 50 kobo dividend payout for its investors.

    Okonkwo said the bank has adopted a mantra tagged: “Back to the basics, forward to the future.” This, he explained, involves its drive to build a performance-driven organisation on the back of product innovation, superior customer service and to enable it compete fiercely in the retail and electronic banking segment with technology driven innovation.

    He said the bank’s resolve to support the productive sector and grow a new generation of passionate entrepreneurs led to the creation of the Fidelity Managed SME team that provides financing, business advisory services, capacity development and shared technology platform to SMEs.

    “We hope to remain steadfast in encouraging Nigerian entrepreneurs through delivering special products and services, and improved platforms for knowledge sharing and business advisory services,” he added.

    Last year, he said, the bank expanded its foray into some new and key sectors by establishing and growing a relatively balanced and sustainable business portfolio that would provide a consistent revenue stream in the years ahead, adding that its collection of business in both public and private sectors has continued to improve on the back of the redeployment of more efficient platforms.

     

  • Fidelity Bank approves N600m loan for leather, garment sectors in Aba

    The management of Fidelity Bank plc has approved N600 million loan for the garment and leather sectors- comprising shoe, belt and bag makers in Aba, the commercial hub of Abia State.

    The gesture is aimed at upgrading the capacity and product quality of the operators.

    Michael Nwagbara, branch leader, Fidelity Bank Plc, who revealed this at a photo exhibition/civic reception for Governor Theodore Orji of Abia State, organised by the Independent Photographers Association of Nigeria (IPAN), Aba chapter, also promised that the bank would develop a programme tailored towards assisting members of IPAN.

    He affirmed that the bank believes so much in entrepreneurship, which is why it is interested in helping the micro, small and medium enterprises (MSME).

    “Our bank is focused in developing capacity, especially small and medium scale enterprises, such that we have been partnering with so many of such groups in the sector and since IPAN is organised, it can access a lot of things from Fidelity Bank, not just facility-it could be in capacity building and financing of equipment.

    “The bank has looked at what is happening in Aba and has developed a product tailored to the garment and leather manufacturers. As we speak today, the bank has mapped out N600 million for the leather and garment sectors,” he said.

    Uche Ogah, president, Masters Energy Group, who was installed a national patron of IPAN promised to assist the association to achieve their goals.

    Ogah represented by Chijioke Udeogu, a staff of Masters Energy Group, stated that the company believes in entrepreneurial skill and human capital development as a way to, especially reduction of unemployment.

    “I however believe that with the right spirit, with the right people and with the right environment that no sooner than later that Aba will regain its position, as the entrepreneurial city of the country,” he said.

  • Fidelity Bank’s foreign currency exposure hits 27per cent

    Fidelity Bank’s foreign currency exposure hits 27per cent

    Fidelity Bank’s exposure to foreign currency lending rose to 27 per cent last year, from one per cent in 2012, a report by Renaissance Capital (RenCap), an investment and research firm, has shown.

    The firm said Fidelity achieved the growth after deploying its foreign currency liabilities as the pressure on funding costs persisted.

    The bank’s 2013 result showed that it reported the lowest Net Interest Margin (NIM) in Nigerian banking universe, reaching a 10-year low of four per cent. It said Fidelity’s NIM squeeze started in 2011, when the lender increasingly focused on corporate lending and was subsequently faced with a tightening monetary policy environment.

    RenCap said Fidelity’s management acknowledges the current challenges and its initial focus will be on reducing the funding costs by continuous downward re-pricing of costly term deposits, which is under way and increasing the proportion of staff in market-facing roles while also rewarding them appropriately. It also plans to increase branch footprint (e-branches mainly) to increase market reach.

    “Overall, there will be significantly more focus on driving e-banking products for customer mobilisation and service and an merger and acquisition deal could happen for the right target and price,” it said.

    On the asset side, Fidelity is positioning itself to be a Small and Medium Enterprise-focused bank, and, coupled with its payroll lending retail book, management expects combined exposure to rise to 50 per cent over the medium term (2017), from 28 per cent in 2013.

    RenCap said management has also been re-pricing the existing loan book and plans to periodically review all concessions and lending rates.

    The research form advises the lender to improve the quality of reporting and investor communication. “We have made slight changes to our forecasts, largely along the lines of modestly higher NIMs and loan growth, the impact of which was offset by higher cost of risk over the forecast period. We expect the stronger growth in SME lending to keep Fidelity’s cost of risk elevated, at two per cent, against our previous forecast of one per cent over the next few years,” it said.

  • Investment One acquires Fidelity Bank’s NIGFUND

    Investment One Financial Services Ltd (formerly GTB Asset Management) says it has acquired the funds management rights of Nigeria International Growth Fund (NIGFUND) from Fidelity Bank Plc.

    In a statement at the weekend, in Lagos, the company said that the acquisition had been approved by the funds unit-holders and ratified by the Securities and Exchange Commission (SEC).

    NIGFUND is a balanced mutual fund launched in 2002 to satisfy investment objectives of individual and institutional investors.

    Abimbola Afolabi-Ajayi, the company’s Head of Corporate Services, said that the acquisition was geared towards fulfilling its desire to be one-stop shop for comprehensive investment services.

    Afolabi-Ajayi said that the acquisition was in compliance with the CBN policy which directed all banks to divest from non-banking services.

    She said that the company would bring on board its wealth of experience as a foremost asset management to ensure optimal and efficient services to unit-holders.

  • Fidelity Bank gets $150m AfDB credit

    The Board of Directors of the African Development Bank (AfDB) yesterday approved a $75-million medium-term line of credit (LoC) to Fidelity Bank Plc to fund selected projects in sectors that are critical to Nigeria’s transformation agenda and economic growth.

    Such areas include infrastructure, manufacturing and Small and Medium Enterprises (SMEs). The LoC will be complemented by AfDB arranged-syndicated financing of up to US $75 million on a best-effort basis. The LoC will complement Fidelity’s other fundraising efforts through deposits mobilisation and financing lines from Development Finance Institutions (DFIs), commercial banks and proceeds from its recent bond issuance.

    A statement from the AfDB said the “LoC will contribute to bridging Fidelity’s financing gap by providing much-needed longer-term liquidity to meet its pipeline demands against the background of a financial market that has hitherto slanted towards short-term liquidity inhibiting access to medium- to long-term lending.”

    This financing the AfDB statement said “will allow Fidelity to better serve and fund its clients, increase the tenors of loans to sub-projects and expand its loan portfolio, particularly in the manufacturing and infrastructure sectors.” Twenty per cent of the LoC proceeds will be dedicated to SMEs.

    The AfDB noted that the LoC is in recognition of the positive impact of the Central Bank of Nigeria’s efforts to strengthen its supervisory framework, stabilise and instill confidence in the local financial system as well as improve liquidity and credit flows.

    The LoC sends strong signals that Nigeria’s financial sector has stabilised and confirms a return of confidence to the Nigerian banking sector. The AfDB said it sees the LoC as symbolic of its partnership role in supporting the private sector to play its rightful and important part in building the Nigerian economy.

  • ‘Why we support the arts sector’

    ‘Why we support the arts sector’

    The Managing Director and Chief Executive Officer of Fidelity Bank Plc, Mr. Reginald Ihejiahi, yesterday said his bank supports the arts sector because of its strong belief in the Nigerian spirit.

    Speaking at the opening of an art exhibition by Mrs. Ronke Aina –Scott, a staff of the bank, he said, “Fidelity Bank encourages creativity and allows individuals to pursue their individual callings. That is what our Bank does; we encourage writers. Anything that you have to offer, anything that is Nigerian.”

    He lauded the artist for her creativity and contribution to the Art industry. According to him, “Her work is colourful. I like the works she displayed here, they show the strength of women, the strength of Africa as captured in nature.”

    The exhibition which is holding at MyDrim Gallery is to last till July 3 and comprises 50 works. Speaking to The Nation on the theme of the exhibition “Colours on my mind”, Aina-Scott who expressed joy at the success of the event said, “Art is burning in me. I tried to do what I love doing and I thank the Bank where I work for their encouragement. I love doing what I love. I had been preparing for this exhibition some years ago. I went back to school to study more. Most of the time at night, I worked on canvass and I knew I had to give my all.”

    Aina-Scott is a graduate of Fine Arts from the Obafemi Awolowo University, Ife and currently the head of Design and Production arm of the Marketing and Communications Group, Fidelity Bank Plc.