Fidelity Bank, in Nigeria, focuses its activities on SMEs and large companies. Proparco is supporting its long-term lending activity – in particular to meet the needs of SMEs and for infrastructure projects.
Fidelity Bank was incorporated as a Merchant Bank in 1987 and obtained a Universal Banking License in 2001 in line with the Central Bank of Nigeria's (CBN) universal banking regime. It ranks among the top 10 banks in Nigeria. Its strategic business focus is on niche Retail & Electronic Banking, Managed SMEs, Corporate Banking and the Public Sector. The Bank has a diversified ownership of over 400,000 shareholders comprising Nigerian citizens and corporations as well as foriegn investors. It is one of the first Nigerian banks to have adopted the “Equator Principles”.
Proparco’s credit line aims to finance Fidelity Bank’s long-term credit activity. It will allow the bank to strengthen its range of long-term products, especially for SMEs and infrastructure projects.
This transaction will support the Bank's retail, electronic and SME drive which is in tandem with the Federal Government of Nigeria's import substitution policy and the development of the real sector. It will help improve access to financial services, especially for companies located outside Nigeria’s large commercial cities. It will also have positive impact on the Bank CSR practices, as the bank has pledged to implement an E&S Risk Management System for its portfolio.