Olushola Okunlade Writes

A leading financial institution, Fidelity Bank Plc recently commissioned the newly renovated  Madrasatul Anwarul Islam school in Zaria,  Kaduna State as part of its Corporate Social Responsibility (CSR) initiatives targeted across Nigeria.

Established over five decades ago by the emir’s father, late Maga in Garin Zazzau, Alhaji Nuhu Bamalli, Madrasatul Anwarul Islam is the alma mater of the current Emir of Zazzau and has produced several notable personalities in the country.

The bank also inaugurated a state-of-the-art Automatic Teller Machine (ATM) gallery to drive financial inclusion within the community.

Speaking at the official project commissioning event held on Saturday, 18 June 2022, Executive Director, North Directorate, Fidelity Bank Plc, Hassan Imam, said the bank’s decision to renovate the school was borne out of its commitment to making learning conducive for both students and teachers across the country.

According to Imam, “Our CSR footprint extends beyond education, healthcare and youth empowerment initiatives across the country as we are driven by the belief that we can only succeed as an organization when the people and community where we do business succeed. That is why we have taken it upon ourselves to help upgrade the facilities here at Madrasatul Anwarul Islam. Our hope is that the teachers and students in the school would put the facility to good use.”

“As part of our commitment to drive financial inclusion across the country and boost commerce in Zaria in particular, we have installed an ATM gallery at the emir’s palace. We hope this would make financial services easier and accessible to members of the Zaria community in line with our mission as a bank and thank the emir, His Royal Highness, Alhaji Ahmed Nuhu Bamalli, for his support in executing this project as well,” explained Imam.

Applauding the bank for its gesture towards promoting education and commerce in Zaria, HRM Ambassador Alhaji Ahmed Nuhu Bamalli encouraged members of the community to put the facilities to good use and protect them against vandalism. He also urged businesses and merchants to patronize the bank as a way of appreciating their efforts in developing the community.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 6.7 million customers serviced across its 250 business offices and digital banking channels. The bank was recently recognized as the Best SME Bank Nigeria 2022 by the Global Banking & Finance Awards. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

Fidelity Bank Bags Award for Best SME Bank in Nigeria

Olushola Okunlade Writes

Fidelity Bank Plc, one of Nigeria’s foremost financial institutions, has added yet another accolade to its burgeoning collection of awards.

This time, the Bank has been recognized as the ‘Best SME Bank in Nigeria’ by the Global Finance Banking & Finance Awards 2022.

According to the organizers of the Global Banking and Finance review, the bank received the award after a comprehensive review and assessment of its intervention and provision of long-term financing support for small businesses across Nigeria.

Dedicating the award to customers and staff of the bank, Managing Director/ Chief Executive officer of Fidelity Bank, Mrs. Nneka Onyeali-Ikpe said, “Our long-running support for the growth and development of small businesses stems from our recognition of SMEs as critical agents of economic transformation in Nigeria. That is why we constantly innovate new ways of helping them meet their objectives. I thank our customers for keeping faith with us and our staff for going the extra mile in delighting our customers”.

According to Mrs. Onyeali-Ikpe, over the years, Fidelity Bank has developed a strong multifaceted SME banking franchise, driven by tailored products and services. She also noted that the bank has attractive offerings backed by the requisite one-on-one and cluster-focused advisory services and hand-holding support for SME customers.

The Global Finance Banking Awards are recognized globally and justly regarded as the industry standard for premier banking and financial services excellence with key sources of data and intelligence on the global banking and finance industry. The yearly awards recognize deserving financial institutions and corporate organizations, that drive innovation in the global financing community. They reflect on the achievement, strategy, progressive, and inspirational changes taking place within the financial sector.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 6.5 million customers serviced across its 250 business offices and digital banking channels. The bank was recently recognized as the Best SME Bank Nigeria 2022 by the Global Banking & Finance Awards. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

…various policies of the CBN on the operation of the sub-sector have continued to be inhibitive

Rashidat Olushola Okunlade Writes after a brief conversation with Alhaji Aminu Gwadabe, President Association of Bureaux De Change Operators of Nigeria (ABCON)

The President Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe has urged the Central Bank of Nigeria (CBN) to use BDCs to end multiple exchange rates, ushering in stability.

The BDCs in the Central Bank of Nigeria (CBN) operational manual are defined as small retail end institutions to carry on the business of PTA, BTA, School Fee, Coins, etc to serve the criteria retail end needs of the market.

However, the various policies of the CBN on the operation of the sub-sector have continues to be inhibitive and limited for their potent role in the economy and the need for discussion to collaborate, deliberate, and implement friendly policies that will make the BDCs impact positively in the exchange rate stability in the economy, he stated.

The adhoc policy management of the BDCs and the Generalization of criminalization of the sub-sector have exacerbated rent-seeking, wider premium, loss of confidence in the local currency, and consistent multiplicity of the exchange rate.

He said: “It is in view of this appalling situation and the need to strengthen BDCs value chain as is obtainable in organized climes that we Urge the regulators and policymakers to consider BDCs as the most potent tool in liberalizing the foreign exchange market and stopping multiples exchange rates in the system.”

The BDCs have since 2006 provided policymakers a window in achieving their mandate of foreign exchange rate stability and price equilibrium. It is, therefore, necessary and important for the BDCs to be reconsidered and realigned back into the foreign exchange ecosystem to empower their roles.

The introduction of the I&E window in 2017 as a result of agitations from stakeholders like foreign investors, diasporans, dwindling reserves, and a lack of confidence in the local currency with disturbing wider premiums.

In order to address similar circumstances bedeviling the foreign exchange market, the BDCs remained the only agents that can deliver to the promised land.