How Fidelity Bank promotes financial inclusion in Nigeria ▷ Legit.ng
In an emerging market like Nigeria, financial institutions play an essential role in the development and stabilization of the economy.
One way to achieve this is to bridge the gap between financially excluded citizens and the formal financial system, thereby enabling the previously financially vulnerable population to improve the quality of their lives through enhanced economic activities.
This ultimately has a positive impact on the country’s economy, as it has been shown to lead to an increase in gross domestic product (GDP) per capita.
To foster financial inclusion, Nigerian banks are creating specific products and services to better serve the financially excluded population, mainly in rural areas of the country.
According to data from the Nigerian Inter-Bank Settlement System (NIBSS) Plc, the financial inclusion rate increased from 56.8% in 2016 to 63.2% in 2018, with a target of 70% for 2020. Although there is still a lot of work to be done, this upward trend has been supported by the key activities of some financial institutions.
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One of those financial institutions leading this charge is Fidelity Bank Plc. Through innovative products, services and initiatives, this leading Nigerian bank continues to foster a favorable balance where Nigerians have access to financial services and, most importantly, loan products to enable them to participate in economic activities. Over time, the Bank has created low interest loan products targeted to fit the lifestyle of Nigerians at different levels and to meet their specific personal needs regardless of their credit situation.
These loan products are characterized by attractive features such as low interest rates, easy enrollment terms and flexible repayment schedules, which allows the previously financially excluded population to easily access these products. Some of them include:
Fidelity Easy Asset Leasing Scheme (FEALS)
This asset rental program was designed for the acquisition of household appliances, new vehicles, generators, inverters, laptops and much more. It has an attractive interest rate with a flexible repayment plan. It is characterized by benefits such as a minimum 20% contribution, a flexible reimbursement plan and an option to choose from a variety of suppliers / dealers and manufacturers nationwide.
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Fidelity personal loan program
The Fidelity Personal Loan Scheme (F-PLS) provides clients with access to funds to meet their personal financial obligations such as housing rent, tuition, hospital bills, travel expenses, etc. . It is characterized by an attractive interest rate with a flexible repayment plan, provision for bonuses (recharge) after partial liquidation, and provision for credit redemption.
With Fidelity Personal Mortgage, Nigerians have the opportunity to own their dream home with a repayment plan of up to 10 years and a minimum contribution of 10%.
Instant salary advance plan
With the Instant Salary Advance Scheme, clients can access up to 50% of their monthly wages against the next payday. This makes it possible to lighten the burden of expenses in the middle of the month.
Fast Loyalty Loans
Fidelity Bank understands the need for extra cash every now and then to deal with emergencies like tuition fees or financing a business, among others. To this end, Fidelity Fast Loans were created to meet this need.
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This package includes the Payday loan, a short-term loan intended to meet the immediate needs of employees whose accounts are domiciled with Fidelity Bank. This loan is disbursed in less than two minutes and is accessible through one of Fidelity Bank’s digital channels.
the Fidelity NYSC Loan is another innovative loan package that enables active members of the National Youth Service Corps (NYSC) to apply for and get instant loans paid into their accounts to meet their financial needs.
Also Loyalty credit card is a revolving credit product designed to meet immediate financial needs while providing customers with the ability to repay with ease. Customers have the option of choosing between an Infinite Credit Card, Platinum Credit Card, Gold Credit Card, and Classic Credit Card.
With these various loan products and more, Fidelity Bank continues to ensure the financial inclusion of Nigerians, staying true to their banking philosophy which suits every Nigerian lifestyle. With this sustained growth in financial inclusion, there is no doubt that Fidelity Bank is a true industry leader, ensuring that Nigerians around the world have access to financial services to make their dreams come true.