Fidelity Bank Plc’s shares, with a 32% year-to-date appreciation in value, have been named Nigeria’s best performing, Bloomberg stated in its recent article.
Gatekeepers News reports that Fidelity bank MD/CEO, Nneka Onyeali-Ikpe explained the 35-year-old institution’s business expansion plans especially to other African countries after finalizing the acquisition of Union Bank UK.
“The strategy is for us to move our footprint outside Nigeria and be able to compete favorably with our peers. In the next three years, we should be able to be in six countries by doing at least two every year,” she said.
Fidelity Bank 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 Bank to become one of the country’s top five banks by 2025, in earnings and assets. The bank is the country’s sixth-largest lender, with 4 trillion naira in assets.
