Fidelity Bank Plc. has pledged commitment to help Small and Medium Scale Enterprises (SME) in Nigeria particularly, the South East grow the zones economy. Managing Director/Chief Executive Officer, Fidelity Bank Plc. Nnamdi Okonkwo disclosed this during the bank’s customer fora last week. The bank flagged off its nationwide customer engagement programme themed; ‘Connecting with you’ with the twin events in Owerri and Onitsha in the South Eastern part of the country.
Okonkwo who expressed happiness over the level of support and patronage, said the bank also needs to reciprocate by supporting them with finance to grow their businesses.
Consequently he planned to hold a much more detailed educative session with businesses and entrepreneurs to help them grow their export businesses as way of diversifying and solving their foreign exchange challenges.
“Our people are entrepreneurial in nature and there are plenty of small businesses all over the place. Some have export ideas, but the documentations involved they do not know. We are going to provide a more structured access to quality information that can help your business” he said to them.
Okonkwo disclosed that Fidelity Bank has so far disbursed a total of N2.3billion to 102 customers to support their businesses, while stating that so far the loans are doing well.
“What we appeal to people is to ensure they always pay back when they receive loans from the bank, so far, our loans are doing well and we do not have incidences of bad loan,” he stated.
Chairman, Board of Directors , Fidelity Bank Plc, Mr. Ernest Ebi who was also graced both occasions said Fidelity Bank has over the years become a big bank that cannot be ignored by any serious business concern, and has remained true to helping its customers break new frontiers in business. “We are here to connect with our customers, and to let them know that we do not take them for granted, and that we are ready to help them out with their businesses.”
This sentiments was echoed by the bank’s Executive Director, South, Mrs. Aku Odinkemelu who said the bank placed a lot premium on its customers hence the decision to bring executive management and board to meet directly with them with the customer fora. “We don’t take you our customers for granted. We value your feedback and will use this unique opportunity of engaging directly with you to organize to serve you better” she promised.
Two of the banks customers who spoke on behalf of the customers, Ikem Osanakpo, MD Kate Associates Ltd and the MD of GUO Motors, Chief Godwin Okeke praised the bank for their foresight, and ability to meet customers’ needs at short notice.
Kings of Finance: GTBank Named Africa’s Most Admired Finance Brand
Guaranty Trust Bank plc has been ranked Africa’s Most Admired Finance Brand in the 10th-anniversary rankings of Brand Africa 100: Africa’s Best Brands, the pre-eminent survey and ranking of the Top 100 admired brands in Africa. The rankings were announced in a novel global virtual event and will be published in the June issue of the African Business magazine.
In a special report examining the results of the 2020 survey, the founder of Brand Africa, Thebe Ikalafeng, said GTBank’s “clever marketing, global presence and some of its flagship food and fashion events have undoubtedly helped make it a fixture of daily life in some of its key markets, especially its home base Nigeria.” He added that the bank, which recently won plaudits for building a 110-bed Care Centre in response to the Covid-19 Pandemic, “has taken banking and finance to the people.”
GTBank has long been regarded as one of Africa’s outstanding brands and enjoys a massive youth following thanks to its innovative and forward-thinking approach to financial services and customer engagement. It currently commands the largest social media following amongst all financial institutions in Africa and in 2019, the Bank hosted over 700,000 people at its consumer-focused events, GTBank Food and Drink Festival and The GTBank Fashion Weekend, among them dozens of business leaders and industry experts from around the world.
In 2019, GTBank removed all banking charges for young undergraduates under the age of 25 on its GTCrea8 Account Package. The move was unprecedented in the financial services sector but not unusual for a bank that had pioneered Zero-Naira Account Opening in the country, and in which people over the age of 65 also bank for free. GTBank is also blazing the trail in digital technologies; after leading the USSD banking revolution in Nigeria with its 737 Service, the bank is driving the digitization of consumer lending with Quick Credit, a first-of-its-kind digital lending product that gives individuals and small businesses instant, real-time access to loans anytime, anywhere via their mobile phones.
Brand Africa’s ranking of GTBank as Africa’s Most Admired Finance Brand is only one of its many accolades. In 2019, the was recognized as the Best Bank in Africa and Best Bank in Nigeria, by the Euromoney Magazine and the Best Banking Group and Best Retail Bank Nigeria by World Finance Magazine. In the same year, the Bank also dominated the Central Bank of Nigeria’s Electronic Payment Incentive Scheme (EPIS) Efficiency Awards for the third year in a row, taking home 8 of the 12 honours for banks at the forefront of driving the digitalization of financial services.
COVID-19: CBN Issues Directive To Banks, Reduces Interest Rates
The Central Bank of Nigeria (CBN) has reduced interest rates on its facilities through participating in Other Financial Institutions (OFIs).
The rate has been slashed from 9 to 5 percent per for one year, effective March 1, 2020.
This was contained in a circular to banks on Wednesday by the Director of Financial Policy and Regulation Department, Kevin Amugo.
Similarly, CBN intervention facilities obtained through participating OFIs, Microfinance Banks (MFBs), Primary Mortgage Banks, among others would be given a further one-year moratorium on all principal repayments.
This is also effective on March 1, 2020.
OFIs have equally been granted leave to consider temporary and time-limited restructuring of the tenor and loan terms for households and businesses, subject to the recently issued guidelines for restructuring affected credit facilities in the OFI sub-sector.
The Director, Corporate Communications Department, Isaac Okoroafor, said the decisions were part of the bank’s efforts to cushion the effects of coronavirus on Nigerians, businesses and regulated institutions.
He assured that the CBN would also continue to monitor developments and implement appropriate measures to safeguard financial stability and support stakeholders impacted by the COVID-19 pandemic.
However, the Monetary Policy Committee (MPC) meeting of the CBN for the month of May will be held on Thursday.
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