Fidelity Bank Plc set to migrate to Tier 1 bank by 2022
The Managing Director, Fidelity Bank Plc, Nnamdi Okonkwo, has said the bank is set to migrate to a Tier 1 bank by 2022.
Mr. Okonkwo pointed out that the bank had in the last two years came up with a five-year strategic plan which began in 2018 to see the bank metamorphose into its desired banking status.
“We want to break into the league of Tier 1 banks and grow organically, keeping in mind that the other banks are also growing,” he said.
According to him, we are driving the plan to become a Tier 1 bank by 2022 and the numbers show that we are making steady progress, year-on-year, in terms of balance sheet size, deposit and
profitability.
Mr. Okonkwo stressed that the bank has so far grew its deposits by 26% which is about N200 billion, adding that the bank has also increased its low-cost deposits to about 82% of its total deposits.
He further added that Fidelity Bank Plc is currently driving its retail banking with digitization, pointing out that about 81.5% of its transactions are been carried out through digital channels.
In his words: “We are driving our retail banking with digitization. About 81.5 per cent of our transactions are now done through digital channels.”
“We have also taken into cognizance, customers who may not have data to do their transactions, so we introduced our USSD *770#, which does not require you to have Smartphone or data to carry out some banking transactions.”
Mr. Okonkwo continues: “This has made our cost-to-income ratio to improve significantly. Ultimately, our cost-to-income ratio is likely to drop by about 50 percent by 2022. Digitization will play a key role in achieving this.”
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