Fidelity Bank Plc’s shares have risen 32% year to far, making it Nigeria’s best performing year-to-date bank share. According to a recent Bloomberg piece, this is the case.
Mrs. Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc, spoke with the platform’s journalist about the 35-year-old institution’s business expansion plans, particularly to other African countries, after finalising the acquisition of Union Bank UK, explaining, “The strategy is for us to move footprint outside Nigeria and be able to compete favourably with our peers.” We should be able to visit six nations in the next three years by visiting at least two each year.”
Fidelity is racing to expand and avoid losing out on fees from facilitating trade and corresponding banking roles to larger rivals. Trade within the continent, which stands at more than $350 billion a year, is expected to grow by 52% in the next decade according to the African Trade Policy Centre at the United Nations Economic Commission for Africa.
Slow economic recovery in Africa’s biggest economy after two recessions in 2016 and 2020, currency devaluations and acute dollar shortages are forcing lenders to look outside to curb their risks and widen opportunities.
Onyeali-Ikpe, who took over the role two years ago, set a target for Fidelity to become one of the country’s top five banks by 2025, in earnings and assets. It’s the country’s sixth-largest lender, with 4 trillion naira in assets.