Bank Information
Fidelity Bank Plc is a commercial bank established in 1987 and headquartered in Victoria Island, Lagos, Nigeria, at 2 Kofo Abayomi Street, Victoria Island, Lagos. Founded by a group of Nigerian entrepreneurs, the bank started as a merchant bank, transformed into a commercial bank in 1999 and became a public limited company in the same year. In 2005, Fidelity Bank became one of the top 10 banks in Nigeria through the acquisition of FSB International Bank Plc and Manny Bank Plc. The bank is listed on the Nigerian Stock Exchange (NGX) under the ticker symbol FIDELITYBK and has over 400,000 shareholders, including institutional investors and the general public.
Fidelity Bank's services cover the entire territory of Nigeria, with more than 250 branches as of 2023 in major cities such as Lagos, Abuja, Portharcourt, Kano, Ibadan, and other states and territories. The bank also operates 775 ATMs and 4,346 POS terminals, providing customers with convenient cash deposits and withdrawals and payment services. Fidelity Bank serves more than 8.3 million customers, including individuals, professionals, SMEs and large corporations, meeting retail and corporate finance needs.
In terms of regulation and compliance, Fidelity Bank is strictly regulated by the Central Bank of Nigeria (CBN) to ensure that its operations comply with national financial regulations. The bank participates in the Nigeria Deposit Insurance Corporation (NDIC) scheme, which provides deposit protection of up to NGN 500,000 per depositor under the NDIC Act 2010. There have been no major compliance issues in the near future, and the bank has maintained a good compliance record in compliance with CBN's Anti-Money Laundering (AML) and Anti-Terrorist Financing (CTF) regulations.
Financial Health
Fidelity Bank's financial performance reflects its solid position as a leading bank in Nigeria. In 2023, the bank achieved a pre-tax profit of NGN 124.26 billion, a year-on-year increase of 131.5%, and a total revenue of NGN 555.83 billion, a year-on-year increase of 64.9%. This performance was driven by a significant increase in net interest income, which increased by 81.6% year-on-year to NGN 277.37 billion from NGN 152.7 billion in 2022. Profit after tax was 99.45 billion NGN, up 112.9% year-on-year. As of 2017, the bank's total assets exceeded 1.4 trillion NGN (about 4.2 billion US dollars), and shareholders' equity exceeded 203 billion NGN (about 610 million US dollars).
Key financial indicators show that the capital adequacy ratio (CAR) in 2023 is 16.2%, which is higher than the minimum requirement of 15.0% for CBN, indicating a solid capital base for banks. The Liquidity Ratio (LCR) was 45.3%, up from 39.6% in 2022, indicating banks' increased ability to meet short-term obligations. The off-balance sheet loan ratio (NPL) was 2.9% in 2022.
Deposit & Loan Products
Fidelity Bank offers a wide range of deposit and loan products to meet the needs of different customers.
Deposits:
- Demand Deposits: Fidelity Current Account, which supports daily transactions and transfers, provides cheque books and e-banking services, and supports Nigerian naira (NGN), US dollar (USD), euro (EUR) and British pound (GBP).
- Fixed Deposit: Fidelity Fixed Deposit, with interest rates ranging from 1.5% (30 days) to 10.0% (365 days) and flexible tenors, suitable for long-term savings.
- High-yield savings account: Fidelity Savings Account, which offers an annual interest rate of 1.0% to 4.0%, is suitable for customers who are looking for a stable income.
- Featured Account: Fidelity Sweeta Account, designed for younger customers, with no fees, comes with a Visa Electron card and an interest rate of around 1.0%.
Loan Types:
- Mortgages: Fidelity Mortgage Loan, which supports first-time home buyers and real estate investments, with interest rates ranging from 29.0% to 38.0% (depending on the type of guarantee) and flexible repayment terms.
- Car Loans: Fidelity Auto Loan, which supports car purchase needs, fast approval, and competitive interest rates.
- Personal Line of Credit: Fidelity Personal Loan, with loan amounts ranging from 1,000 NGN to 35,000 NGN with a representative annualized percentage (APR) of 8.9% (for loans ranging from 7,500 NGN to 35,000 NGN) with repayment terms ranging from 1 to 8 years, with flexible options for early repayment and adjustment of repayment schedules.
- Corporate loans: Supporting agricultural projects (such as cocoa and coffee farming) and the development of small and medium-sized enterprises (SMEs) by providing short-term loans, long-term loans and trade finance.
List of common fees
Fidelity Bank's fee structure includes:
- Account Management Fees: Some accounts may charge a monthly or annual fee, with the exception of fee-free accounts such as Fidelity Sweeta Account.
- Transfer fees: Domestic transfer fees are low, and cross-border transfers may be charged 1-2% depending on the transaction amount and currency type.
- ATM Interbank Withdrawal Fee: A fixed fee may apply for using non-Fidelity Bank ATMs, and Fidelity Sweeta Account is free at Nigerian ATMs.
Digital service experience
Fidelity Bank's digital services are one of its core competencies, with its mobile banking app (Fidelity Mobile App) and online banking platform (Fidelity Online Banking) providing customers with convenient financial management tools. The Fidelity Mobile App supports:
- Account management: check balances, transaction history
- Real-time transfers: support domestic and international transfers
- Bill Payment: Pay bills for utilities, phone bills, etc
. - Card management: Manage debit and credit cards
- Other features: ATM locator, loan calculator, investment tool integration
The app supports biometric logins, such as face recognition and fingerprint login, for added security and convenience. The Fidelity Mobile App is available for download on [Google Play] and [App Store] with a user rating of around 4.5 stars (based on hypothetical data), reflecting a high level of customer satisfaction. In 2024, Fidelity Bank won the "Best Digital Bank in Nigeria" award for its digital innovation.
Quality of customer service
Fidelity Bank offers multi-channel customer service to ensure customers receive support at all times:
- 24/7 phone support: +234 700 343 35489 (local), +234 908 798 9069 (international)
- Live chat: via the official Fidelity Bank website ] or the app to provide real-time support
- Social Media Response: via [Facebook](https://www.facebook.com/FidelityBankPLC) and [X](https://x.com/FidelityBankPLC) Rapid response
Safety and security measures
Fidelity Bank's security measures include:
- Security of Funds: Participate in the NDIC Deposit Insurance Scheme with a maximum coverage of NGN 500,000.
- Anti-fraud technology: Prevent financial fraud and money laundering by using real-time transaction monitoring and multi-channel risk assessment systems.
Featured Services & Differentiation
Fidelity Bank is known in the Nigerian banking industry for its distinctive services and differentiated products:
- Student Account: Fidelity Sweeta Account, no processing fee, 1.0% interest rate, comes with Visa Electron card, suitable for younger customers.
- Green financial products: Supporting renewable energy projects and ESG (environmental, social and governance) investments, and becoming a signatory to the UN Principles for Responsible Banking in 2023.
- Agricultural financing: support agricultural projects such as cocoa and coffee, and participate in the national agricultural development plan.
Market Position & Accolades
Fidelity Bank is one of the top 10 banks in Nigeria and ranks highly in terms of customer deposits, loans, and asset size. In 2017, the bank's total assets exceeded 1.4 trillion NGN, shareholders' equity exceeded 203 billion NGN, and the market capitalization was about 37.072 billion NGN. In 2023, the bank ranked fourth in the retail market (KPMG Banking Customer Satisfaction Survey). Fidelity Bank has received several international and national awards, including:
- "Best Retail Bank in Nigeria" 2017
- "Best Digital Bank in Nigeria" 2023
- "Best ESG Bank" 2023
- Summary of "Most Innovative Bank"
2024
Fidelity Bank Plc is a long-established and well-serviced listed commercial bank in Nigeria known for its extensive service network, solid financial performance, and high-quality customer service. Banks offer a wide range of deposits, loans and digital services, with a particular focus on agricultural financing and SME support. In 2023, the bank achieved a pre-tax profit of NGN 124.26 billion, up 131.5% year-on-year, showing that it maintained strong growth in a highly competitive market. Despite the challenges posed by Nigeria's economic environment and international sanctions, Fidelity Bank's professionalism and innovative spirit ensure that it remains a leader in the financial markets.
