Fidelity Bank Offers Loans to Auto Spare Part Dealers

By Modupe Gbadeyanka

One of the leading tier-two lenders in Nigeria, Fidelity Bank Plc, has announced the creation of a special loan scheme for traders at the popular Auto Spare Parts and Machinery Dealers Association (ASPAMDA) market in Lagos.

The product, called ASPASMDA Traders Support Facility, is designed to assist the traders boost their business operations. However, the traders would only be able to access funds earmarked for the scheme from Thursday, August 1, 2019.

Managing Director/Chief Executive Officer of Fidelity Bank, Mr Nnamdi Okonkwo, who made the disclosure during a meeting with the market leaders, also said the company will provide a security van for the market.

Explaining why the bank visited the traders, Mr Okonkwo said the auto spare part dealers have contributed significantly to the balance sheets of Fidelity Bank.

“We are basically here today in keeping with our customer engagement calendar. The same way we go out to London, to Boston or Chicago to engage our bondholders, foreign investors who have invested in the bank is the same way we have a calendar that guides how often or frequently we go out to engage our customers.

“One of the reasons we came here today, first and foremost is to thank you because when I look at our balance sheets in the bank, I see the significant contribution, ASPAMDA, APT and Balogun Business Association (BBA) are making to the progress of Fidelity Bank.

“We just came here to thank you and to also hear from you which way we can improve our services to you,” the bank chief said.

Also speaking, Executive Director, Commercial & Consumer Banking, Lagos & South-West at Fidelity Bank, Ms Nneka Onyeali-Ikpe, stated that, “What we have promised today is that we are going to ensure that we put together a product that would be tailored specifically to the needs of this market which we have named ASPASMDA Traders Support Facility and we will be unveiling it on August 1, 2019 to address that need.

“The facility is going to be tailored in such a way that we will extend the facility based on the association’s guarantee that they will take care and make sure that the monies are returned.”

In his remarks, President of ASPAMDA traders, Mr Daniel Okazi, thanked the financial institution for the gesture.

He said the creation of the loan facility will in no small way help members of the association grow their businesses, which will in turn support the economic growth agenda of the present administration.