Fidelity Bank, partners strategise to improve financial inclusion agenda

Fidelity Bank has met with its stakeholders to brainstorm and review its financial inclusion agenda with a focus on Inclusive Banking and Agency Banking.

The consultative meeting had representatives from Fidelity Bank, Financial Sector Deepening in Africa, (FSDA), and Genesis Analytics to deliberate on how to improve access to formal banking for the over 15 million unbanked people in Ghana.

Fidelity Bank in March 2014 launched its Agency Banking model with its flagship product, the Smart Account to provide basic financial services to the unbanked and under-banked population.

Being the only bank licensed by the Bank of Ghana to operate the Agency Banking Model, Fidelity Bank today has a Smart Account customer base of over three hundred thousand (300 000). The Bank currently has over 900 Agents strategically located nationwide to service these Smart Account holders. These Agents include pharmacy shops, supermarkets, utility vendor points, grocery shops amongst others.

In line with its resolve to increase Ghana’s bankable population ratio, Fidelity Bank is streamlining its financial inclusion agenda with focused input into its Inclusive Banking and Agency Banking strategy in order to reach out to the unbanked people in Ghana.

The divisional Director for Retail at Fidelity Bank, Mr Julian Opuni noted that Fidelity Bank wants to tailor its value proposition to the target audience to ensure that the goal of banking the underbanked and unbanked is achieved.

He added that Fidelity Bank’s Smart Account is uniquely designed to offer customers convenience; easy way of opening account with minimum KYC in 5 minutes, easy access to cash through 75 branches, 110 ATMS and over 900 Agents, ability to grow money daily with a trusted institution where their money is secured and access to soft loans with minimum turnaround time.

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Fidelity Bank’s Director for Inclusive Banking, Esi Mills Robertson in her presentation stated that Fidelity Bank wants to be the lead bank providing commercially viable products and services to the unbanked and under-banked population adding that going forward, Fidelity Bank will revise its strategy to make the Smart Account very competitive and better serve the interest of its customers.

The Director for Change Management & Building Services Markets at FSDA, Paul A. M. Musoke commended Fidelity Bank for incorporating Inclusive Banking into its mainstream banking.

”It is important for the economy that everybody gets access to financial services. In Ghana, Fidelity Bank stands tall because of its financial inclusion drive and you must not lose focus despite the risks associated with it.” He pledged the FSDA’s continued support to Fidelity Bank’s financial inclusion effort.

Fidelity Bank was issued its universal banking license on June 28, 2006, making Fidelity Bank Ghana Limited, the 22nd bank to be licensed by the Bank of Ghana under the new Banking Act, 2004 (Act 673).

Since then, the bank has grown to become the largest privately owned bank and the 4th largest in terms of assets.

Fidelity Bank is the reigning Bank of the year and the Most Socially Responsible Bank in Ghana.

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