[News] How Fidelity Bank is Driving Financial Inclusion in Nigeria

In an emerging market like Nigeria, financial institutions play a critical role in the development and stabilisation of the economy. One of the ways they achieve this is by bridging the gap between financially excluded citizens and the formal financial system thus allowing the hitherto financially vulnerable populace to improve the quality of their lives through enhanced economic activities. This ultimately impacts the nation’s economy positively as it has been shown to lead to an increase in Gross Domestic Product (GDP) per capita.

 

To drive financial inclusion, Nigerian banks are creating specific products and services to better serve the financially excluded population, majorly found in the country’s rural areas. According to data from the Nigerian Inter-Bank Settlement System (NIBSS) Plc, the financial inclusion rate increased from 56.8% in 2016 to 63.2% in 2018, with a target of 70% for 2020. Although there is still much work to be done, this upward trend has been sustained by the key activities of certain financial institutions.

 

One such financial institutions leading this charge is Fidelity Bank Plc. Through innovative products, services and initiatives, this leading Nigerian bank continues to foster an enabling balance where Nigerians have access to financial services and most importantly, loan products to enable them to participate in economic activities. The Bank has over time created low interest loan products targeted to suit the lifestyle of Nigerians at different levels and to meet their specific personal needs regardless of their credit situation.

 

These loan products are characterised by valuable features such as low-interest rates, easy sign-up requirements and flexible repayment schedules, making it easy for the previously financially excluded population to access these products with ease. Some of these include:

 

Fidelity Easy Asset Leasing Scheme (FEALS)

This asset leasing scheme has been designed for the acquisition of household appliances, brand new vehicles, generators, inverters, laptops and much more. It has an attractive interest rate with a flexible repayment plan. It is characterised by perks such as minimum contribution of 20%, a flexible repayment plan and an option to choose from a variety of vendors/dealers and manufacturers nationwide.

 

 

Fidelity Personal Loan Scheme

The Fidelity Personal Loan Scheme (F-PLS) offers customers access to funds to meet personal financial obligations such as house rent, school fees, hospital bills, travel expenses, etc. It is characterised by an attractive interest rate with a flexible repayment plan, provision for enhancements (top-up) after part liquidation and provision for loan buyback.

 

Personal Mortgage

With the Fidelity Personal Mortgage, Nigerians have the opportunity to own their dream homes with a repayment plan of up to 10years and a 10% minimum equity contribution.

 

Instant Salary Advance Scheme

With the Instant Salary Advance Scheme, customers can access up to 50% of their monthly salaries against the next payday. This helps alleviate the weight of the mid-month expenses.

 

Fidelity Fast Loans

Fidelity Bank understands the need for extra cash every now and then to sort out emergencies such as school fees or business finance, amongst others. To this end, the Fidelity Fast Loans were created to solve this need.

 

This bundle includes the Payday Loan, a short-term loan designed to meet the immediate needs of salary earners whose accounts are domiciled with Fidelity Bank. This loan is disbursed in less than two minutes and can be accessed through any of the Fidelity Bank’s digital channels.

 

The Fidelity NYSC Loan is another innovative loan bundle that makes it possible for serving members of the National Youth Service Corps (NYSC) to apply and get instant loans disbursed into their accounts to meet their financial needs.

 

Also, the Fidelity Credit Card is a revolving credit product designed to meet immediate financial needs while giving customers the flexibility to pay back with absolute ease. Customers have the option to choose from an Infinite credit card, Platinum credit card, Gold credit card and the Classic credit card.

 

With these various loan products and more, Fidelity Bank continues to ensure financial inclusion for Nigerians, keeping true to their ethos of banking that suits every Nigerian lifestyle. With this sustained financial inclusion growth, it is without a doubt that Fidelity Bank is a true industry leader, ensuring that Nigerians everywhere have access to financial services to reach their dreams.