How Fidelity Bank is driving financial inclusion in Nigeria Legit.ng
In an emerging country like Nigeria, financial institutions play a crucial role in developing and stabilizing the economy.
They achieve this, among other things, by bridging the gap between financially excluded citizens and the formal financial system, thus enabling the previously financially weak population to improve their quality of life through increased economic activities.
This ultimately has a positive effect on the country’s economy, as it has been shown to lead to an increase in gross domestic product (GDP) per capital.
To promote financial inclusion, Nigerian banks are developing specific products and services to better serve the financially marginalized population, mainly found in rural areas of the country.
According to data from the Nigerian Inter-Bank Settlement System (NIBSS) Plc, the financial inclusion rate rose from 56.8% in 2016 to 63.2% in 2018 with a target of 70% for 2020. Although much remains to be done, it has been this upward trend is supported by the key activities of certain financial institutions.
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One such financial institution heading this fee is Fidelity Bank Plc. Through innovative products, services and initiatives, this leading Nigerian bank continues to promote a conducive balance in which Nigerians have access to financial services and, most importantly, credit products to enable them to participate in economic activities. Over time, the bank has developed low-interest loan products that are tailored to the lifestyle of Nigerians at various levels and meet their specific personal needs regardless of their credit situation.
These loan products are characterized by valuable features such as low interest rates, easy sign-up requirements and flexible repayment plans, which allow the previously financially marginalized population to have easy access to these products. Some of them are:
Fidelity Easy Asset Leasing Scheme (FEALS)
This asset lease is designed for the purchase of household appliances, brand new vehicles, generators, inverters, laptops and much more. It has an attractive interest rate with a flexible repayment schedule. It is characterized by discounts such as a minimum contribution of 20%, a flexible repayment plan and a nationwide selection from a large number of providers / dealers and manufacturers.
Important details about the structure of the Nigerian financial system
Fidelity personal loan program
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 characterized by an attractive interest rate with a flexible repayment schedule, provision for expansions (top-ups) after partial liquidation and provision for loan repurchase.
With Fidelity Personal Mortgage, Nigerians have the opportunity to own their dream home with a repayment schedule of up to 10 years and a minimum capital contribution of 10%.
Immediate advance payment regulation
With the Instant Salary Advance Scheme, customers can get up to 50% of their monthly salary against the next payday. This will help reduce the weight of the mid-month spending.
Fidelity Quick Loans
Fidelity Bank understands that extra cash is needed every now and then to deal with emergencies like school fees or corporate financing. To this end, the Fidelity Fast Loans were created to meet this need.
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This package contains the Payday loan, a short term loan to meet the immediate needs of salaried employees whose accounts are resident with Fidelity Bank. This loan is paid off in less than two minutes and can be accessed through all of Fidelity Bank’s digital channels.
That Fidelity NYSC Loans is another innovative loan package that allows members of the National Youth Service Corps (NYSC) to apply and have instant loans deposited 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 repay with absolute ease. Customers have the option of choosing between an Infinite credit card, a Platinum credit card, a Gold credit card and the Classic credit card.
With these various loan products and more, Fidelity Bank continues to ensure the financial inclusion of Nigerians and remains true to its banking ethos that fits any Nigerian lifestyle. With this continued growth in financial inclusion, Fidelity Bank is without a doubt a true industry leader making sure Nigerians everywhere have access to financial services to make their dreams come true.