Fidelity Bank Wins DBN-Focused Locations Award

Posted by Eric Ojo Banking & Finance, Featured, Latest Headlines, News Across Nigeria Friday, October 15th, 2021

(AFRICAN EXAMINER) – A leading commercial bank in Nigeria, Fidelity Bank Plc has emerged winner of the 2020 Development Bank of Nigeria (DBN) service award for the highest disbursement to DBN-focused locations.

Fidelity Bank currently has about 6 million customers who are serviced across its 250 business offices and various other digital banking channels. The bank has in recent times won accolades as the Best SME Friendly Bank, Best in Mobile Banking and the Most Improved Corporate/Investment Bank among several industry awards and recognitions.

Moreover, Fidelity Bank was also ranked the 4th Best Bank in the Retail Banking Segment in the 2017 Banking Industry Satisfaction Survey conducted by KPMG.

Focused on select niche corporate banking sectors as well as Micro Small and Medium Enterprises (MSMEs), the bank is rapidly implementing a digital-based retail banking strategy which has resulted in an exponential growth in savings deposits over the last 3 years and a corresponding surge in customer enrollment on the bank’s flagship mobile/internet banking products.

As a testament of its determination to support Small and Medium-scale Enterprises (SME) to scale and run profitable ventures, leading financial institution, the bank was made at the first-ever DBN Service Ambassadors’ award ceremony held recently in Lagos.

The DBN Ambassadors Programme, which kicked off in 2020, is an initiative of the Development Bank of Nigeria designed to increase a sense of ownership among participating financial institutions, build capacity, increase on-lending to Small and Medium-scale Enterprises (SMEs) and ultimately deepen financial inclusion in Nigeria. The DBN on-lending scheme allows qualifying SME and small corporate customers of PFIs to access loans at a considerably cheaper rate for working capital or asset finance needs.

While welcoming guests and awardees to the event, the DBN Managing Director, Mr. Tony Okpanachi, explained that the DBN leverages its partnership with Participating Financial Institutions (PFI) to provide relatively cheaper loans as well as capacity building initiatives to small businesses.

Managing Director and Chief Executive Officer (CEO) of Fidelity Bank Plc, Mrs. Onyeali-Ikpe said that the bank was delighted to receive the award and that the recognition would spur it to do more to support the SME sector of the economy.

“This award serves as a proof of the remarkable work that we have done and are currently doing in helping small businesses access much need loans at competitive rates to help them scale their businesses. We are particularly delighted that a large number of our SME customers are taking advantage of our partnership with the DBN and is demonstration of our claim to be the preferred bank for small businesses”, she said.

Mrs. Onyeali-Ikpe also noted that the critical role small businesses play in employment generation, wealth creation and social development cannot be over-emphasised, adding that it is therefore important to position them for scalable and sustainable growth.

“Our vision at Fidelity Bank is to bridge the yawning gap for capacity building and help SMEs in Nigeria build the necessary capacity for entrepreneurial success. We are proud of the role that we play in helping SMEs thrive, especially through the facilitation on loans”, she further explained.