Fidelity Bank is the best-performing bank in Nigeria
Fidelity Bank Plc’s shares have emerged as Nigeria’s top performing year-to-date bank share, according to Emmynet24, with a 32% year-to-date rise in value. According to a recent Bloomberg piece, this is the case.
Mrs. Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc, spoke with the platform’s journalist about the 35-year-old institution’s business expansion plans, particularly to other African countries, after finalising the acquisition of Union Bank UK, explaining, “The strategy is for us to move footprint outside Nigeria and be able to compete favourably with our peers.” We should be able to visit six nations in the next three years by visiting at least two each year.”
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Fidelity is racing to expand and avoid losing fees from trade facilitation and corresponding banking services to larger competitors. According to the African Trade Policy Centre at the United Nations Economic Commission for Africa, trade within the continent, which currently stands at more than $350 billion a year, is expected to grow by 52% over the next decade.
Economic recovery is taking its time. Currency depreciation and acute dollar shortages in Africa’s largest economy, following two recessions in 2016 and 2020, are prompting lenders to go outside to mitigate risks and expand prospects.
Onyeali-Ikpe, who took over as CEO two years ago, has set a goal for Fidelity to become one of the country’s top five banks in terms of earnings and assets by 2025. With 4 trillion naira in assets, it is the country’s sixth-largest lender.