Fidelity Bank Controls 60% of BDCs’ N1.4trn Annual Transactions—ABCON

February 15, 2021
fidelity bank
Image Credit: Fidelity Bank

By Modupe Gbadeyanka

Transactions worth N1.4 trillion are carried out yearly by Bureaux De Change (BDC) operators in Nigeria, the leader of the foreign exchange segment traders has said.

President of the Association of Bureaux De Change Operators of Nigeria (ABCON), Mr Aminu Gwadabe, disclosed that 60 per cent of these trades are routed through Fidelity Bank Plc.

The forex dealer, who was a guest at a virtual business forum organised by the financial institution a few weeks ago in Enugu, said the role of the lender cannot be pushed aside in any way.

According to him, Fidelity Bank has always shown support for players in the Micro Small and Medium Enterprises (MSMEs) in the country.

He informed the participants that the bank has various packages tailored to meet the various demands of small business owners in the country.

Mr Gwadabe said he was not surprised that most members of his association, who are up to 5,000, have financial dealings with Fidelity Bank, resulting in the market share of the bank in the BDC transactions.

“The BDC does about N1.4 trillion per annum [and] Fidelity Bank controls 60 per cent of these transactions in the country,” the leader of ABCON said at the event themed Funding and Financial Management.

On her part, the CEO of Fidelity Bank, Mrs Nneka Onyeali-Ikpe, provided insights into the bank’s unique approach to managing MSMEs, stating that the sector contributes about 48 per cent of national Gross Domestic Product (GDP), accounts for 96 per cent of businesses and 84 per cent of employment in Nigeria.

The bank chief based on its importance to the economy, Fidelity Bank felt it was necessary to give special attention to SMEs and design products that will suit their needs.

“We have a dedicated SME Desk with innovative products and services to assist your business. Fidelity Bank, in partnership with various private and public institutions, provides funding, business advisory services for all our customers,” she said.

Mrs Onyeali-Ikpe said the lender will continue to play an active role in the MSMEs sector and come up with more products and services that will improve the space.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Leave a Reply

Shasha Ethnic Clash
Previous Story

Oyo to Compensate Victims of Shasha Ethnic Clash

NSE Trading Floor New
Next Story

Investors Trade 2.7 billion Shares worth N23.7bn in Five Days

Latest from Banking

Don't Miss