Fidelity Bank grows savings to N170bn in 3 years on retail strategy

Fidelity Bank Plc. on Tuesday disclosed that its savings base has increased to N170 billion in the last three years due to the adoption of its retail banking strategy; “Get Alert in Millions Promo’’.

The bank said its savings base rose to N170 billion from N89 billion it was in 2015, an increase of 91.01 percent.

Nnamdi Okonkwo, managing director, stated this at the fifth/third bi-monthly prize presentation of the Fidelity “Get Alert in Millions Promo Reloaded’’ in Lagos.

Okonkwo, represented by Obaro Odeghe, the directorate head, corporate banking, said: “ Just three years ago, the savings base of the bank was about N89 billion and till date, I can tell you that we have crossed the N170 billion threshold and it is still going, so, clearly we have really demonstrated a lot of attraction since this promotion started’’.

Okonkwo said the adoption of the retail banking strategy generated a lot of deposits from existing customers, attracted new customers, enhanced financial inclusion in Nigeria and the bank would continue to embrace initiatives that would improve the lives of its customers.

Okonkwo said the promo, introduced to improve the lives of the customers as well as reward loyal customers who had been banking with the bank over the years and the bank would continue to play strong in the Small and Medium Enterprises (SMEs) base to ensure the growth of small businesses.

Okonkwo said the bank had given a total of N81 million in cash and 90 consolation prizes to 183 winners under the “Get Alert in Millions Reloaded’’, as the major priority was to reward its customers through different initiatives to improve their living standard.