In recognizing and appreciating the media’s significant role in the success story of Fidelity Bank, over the years, management of the financial institution, in a media engagement in Kumasi, emphasized the priority it places on fostering a formidable relationship with media houses, taking the opportunity to thank them for their unflinching support towards their course.
The engagement, which was held on Friday, August 16, 2024, at Golden Bean Hotel, served as an opportunity for the management of Fidelity Bank to trumpet their success story and share their future plans
During the engagement, the Deputy Managing Director of Fidelity Bank, Mr. Atta Yeboah Gyan, highlighted their history, which dates back 1998, when it started as a discount house, to their transitioning to a universal bank in 2006. “Today, we proudly stand as the largest privately-owned Ghanaian bank and, as of 2023, the fifth largest bank in Ghana by assets. This achievement is not just a testament to our growth but also to our commitment to serving the people of Ghana”, he added.
Commenting on the bank’s effort in expanding financial access nationwide, Mr. Yeboah Gyan said the bank has made progress in drawing banking closer to Ghanaians.
He stated, “In just over 18 years, we’ve grown our branch network to 81, including 16 in Ashanti, bringing banking closer to our customers. Our innovative Smart Account and extensive agency network, boasting over 6,000 agents nationwide, have empowered over 1.5 million people, driving deposit growth exceeding half a billion cedis”.
The Deputy Managing Director mentioned digital innovation, known as KUKUA, as a core strategy which has revolutionized Fidelity Banks customer interactions, serving over 200,000 users and offering a range of services from account opening to payment of bills. He revealled the bank’s excitement to announce an upcoming launch of a digital loan product accessible through its digital innovation platform, KUKUA, which will further expand financial access. He assured that the digital product loan can be accessed very fast and that one doesn’t need any documentation nor collateral.
Speaking on how his outfit has been able to navigate the economic challenges the financial sector has faced recently, Mr. Yeboah Gyan disclosed, “The aggressive debt restructuring plan announced by Ghana brought unprecedented challenges, leading to significant losses across the sector. “Fidelity Bank was no exception. Yet, our resilience has shone through. As evidenced in our AGM 2023, we turned a loss of GH¢518 million in 2022 into a profit of GH¢1.17 billion in 2023. Our total assets grew by 25%, reaching GHS 17.22 billion, while our shareholder funds increased by 119%, standing at GHS 1.44 billion. Our Capital Adequacy Ratio (CAR) also improved from 16.8% in 2022 to 20.9% in 2023, reflecting our strong capitalization”.
He also touched on Fidelity Bank’s pledge to making a meaningful impact in the country, stating Agriculture as one sector which is very dear to the local bank.
“We are dedicated to ensuring that this sector reaches its full potential. Recently, we launched the GreenTech Innovation Challenge (GTIC), a significant initiative aimed at propelling Ghana’s agricultural sector toward a more sustainable future. Through GTIC, we will award over GHS 1 million in grant funding to support innovative solutions addressing critical challenges within the country’s agricultural value chain. This programme is designed to empower innovators at various stages of development, from ideation to commercialization”, the Deputy Managing Director outlined.
He also made mention of their support for young entrepreneurs, particularly women from ages 18 to 45, with funding, mentorship & technical assistance through their Fidelity Young Entrepreneurs Initiative.
Mr. Yeboah Gyan divulged, “This year alone, we have empowered 103 Small and Medium Enterprises (SMEs) across diverse sectors, including manufacturing, agriculture, creative arts, WASH, technology, and services”. He reiterated the bank’s goal to continuously improve their offerings and operations, not just for today’s needs, but for future betterment of every Ghanaian.
Mr. Yeboah Gyan again commended the media for their unwavering support throughout the Fidelity Bank’s outstanding journey. He expressed the belief that with the continued support of the media, the bank would continue to rise and emerge as a dominant continental and global force in the coming years.
