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Fidelity Bank Gets Licence To Operate e-Commerce

fidelity bank

Central Bank of Nigeria (CBN) has granted Fidelity Bank Plc the license to operate electronic commerce services in Nigeria, Business Post has been notified.

A statement obtained by our reporter from the bank on Monday in Lagos stated that Fidelity Bank will now have the full licence to operate e-commerce in the country.

The statement signed by Fidelity Bank’s Head of Corporate Communications, Mr Ejike Ndiulo, explained that the bank has now been positioned to empower Micro Small Medium Enterprises (MSMEs) in line with its strategic business objectives through provision of advanced electronic commerce platform.

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The statement quoted Fidelity Bank’s Managing Director/Chief Executive Officer, Mr Nnamdi Okonkwo, as saying that the approval would further open new markets for MSME in the country.

He said, “We have always seen access to markets as critical success factor in our quest to deepen the MSME service offering.

“With this approval, and given the increasing internet penetration, we see an exciting opportunity to further open up new markets for MSMEs, using technology.”

Business Post also learnt that the bank’s platform tagged the ‘Fidelity GreenMall’, is an online marketplace with fully integrated e-commerce capabilities for online payments, delivery logistics, advertising, and business networking opportunities.

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Mr Okonkwo said in the statement that the decision of the CBN to grant the bank full license, to roll-out electronic commerce services, was driven specifically by the its unique approach to financial inclusion.

Mr Okonkwo said in the statement that, “We want to raise the level of competitiveness of Nigerian MSMEs in a global market.”

He further said that many MSMEs lack requisite expertise and capacity to manage online store, thereby making it difficult for them to make sales.

Mr Okonwko listed the factors hampering MSME’s growth to include funding constraints, poor record keeping, lack of requisite technological tools and epileptic power supply.

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He then advised small businesses to take advantage of the online platform to boost their revenues by trading on local and international arenas.

The bank MD said that e-commerce had gained recognition in national and international trade, noting that the bank would strengthen the level of participation of Nigerian SMEs in global e-commerce sales.

According to him, the online platform fosters linkages to multilateral agencies and organisations to enable MSMEs explore export markets or franchising opportunities.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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