The Association of Bureaux De Change Operators of Nigeria (ABCON), has disclosed that Fidelity Bank controls sixty percent of its N1.4trn annual transactions.
This was disclosed by the association president, Aminu Gwadabe, at an event themed Funding and Financial Management.
Gwadabe stated that he was not surprised that most members of his association have financial dealings with the bank.
He explained further that the financial institution has always shown support for players in the Micro Small and Medium Enterprises (MSMEs) in the country.
He added that the bank has various packages tailored to meet the various demands of small business owners in the country.
According to him, “The BDC does about N1.4 trillion per annum [and] Fidelity Bank controls 60 per cent of these transactions in the country.”
Also speaking at the event, the CEO of Fidelity Bank, Nneka Onyeali-Ikpe, said the sector contributes about 48 per cent of national Gross Domestic Product (GDP), accounts for 96 per cent of businesses and 84 per cent of employment in Nigeria.
The bank chief based on its importance to the economy, Fidelity Bank felt it was necessary to give special attention to SMEs and design products that will suit their needs.
She said: “We have a dedicated SME Desk with innovative products and services to assist your business. Fidelity Bank, in partnership with various private and public institutions, provides funding, business advisory services for all our customers.”
Onyeali-Ikpe said the lender will continue to play an active role in the MSMEs sector and come up with more products and services that will improve the space.
Earlier, Techeconomy.ng reported that the financial institution declared that it had successfully issued 10-year N41.21bn in fixed-rate unsecured subordinated bond at a 8.5 percent coupon rate due in 2031.
This was contained in a statement titled ‘Fidelity Bank Plc successfully issued the largest ticket Tier II local bonds in Nigeria’.
The statement read: “The bond issuance, which was fully subscribed, given that total investor interest and commitments in the bonds were N56.6bn, adds to the impressive portfolio of landmark transactions structured by the bank, and underscores its capacity to successfully execute debt capital market transactions.