Fidelity Bank is Providing Easy Financial Access for Non-Resident Nigerians with the Fidelity Diaspora Banking
The Nigerian diaspora is one of the largest African immigrant populations in the world. According to official records by the United Nations in 2017, there were 1.24 million migrants from Nigeria in the diaspora. As a result, Nigeria accounts for over a third of the migrant remittance flows to sub-Saharan Africa. In 2018, migrant remittances translated to 83% of the Federal Government budget and represented 6.1% of Nigeria’s GDP.
These facts then point to the significant contributions diaspora remittances make to their country of origin, with Nigeria holding no exception. These contributions are potent forces for development in key areas such as the promotion of trade, investments, innovations, research and technology transfers.
In 2019, the World Bank figures on annual remittance by Nigerians in the Diaspora affirmed the growing importance of Diaspora remittances to the growth and development of Nigeria’s economy. In 2019 alone, $25 billion was generated, which accounts for more than 80% of the country’s annual budget and formed about 6% of the GDP.
However, diaspora remittances have been marred by logistical problems associated with handling financial transactions abroad, such as transfers, savings, or even being enlightened on what investments opportunities exist in the country of origin from abroad.
In the quest to bridge this gap, forward-thinking Nigerian financial institutions have introduced Diaspora Banking platforms to allow Nigerians in the diaspora the same financial opportunities that they would have accessed if they were living within the shores of the country. Leading this charge with exemplary services and initiatives is Fidelity Bank Plc. Over time, the Bank has created a distinctive array of products and services tailored to the banking needs of Nigerians both home and abroad. These products and services allow Nigerians in Diaspora to enjoy safe, versatile and convenient banking from wherever they are abroad.
Beyond these services, Fidelity Bank is also investing heavily in financial education for Nigerians, as seen with their highly lauded Diaspora Webinar Series held in March 2021. The webinar was aimed at enlightening Nigerian citizens’ resident abroad on recent policy measures by the Central Bank of Nigeria (CBN) and their attendant implications for Diaspora investments. With the theme, “The New CBN FX Policy and Positive Impact to Diaspora Investments in Nigeria”, the Webinar provided valuable insights, intelligence, and expertise to Nigerians in Diaspora on how they can stay on top of their investments back home. Hosted by Managing Director/Chief Executive Officer, Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe, alongside Governor of the Central Bank of Nigeria, Dr. Godwin Emefiele who was the Chief Host, the webinar also had in attendance Vice President of the Federal Republic of Nigeria,Prof. Yemi Osinbajo.
The webinar featured keynote speeches and panel discussions with prominent Nigerian professionals including Honorable AbikeDabiri-Erewa, Chairman/CEO, Nigerians in Diaspora Commission (NIDCOM); Prof. Benedict Okey Oramah, Chairman and President of African Export-Import Bank, Professor Ndubuisi Ekekwe, Lead Faculty, Tekedia Institute, Professor Olawale Sulaiman, renowned Neurosurgeon and Chairman of RNZ Global, among others.
Additionally, Fidelity Bank is matching its words with action with a plethora of Diaspora Banking products categorised into an Individual Bouquet, a Business Suite, Digital Banking, and Foreign Account Tax Compliance Act (FATCA). This marries smartly with their ethos of banking that suits every Nigerian lifestyle. For individuals, there are various products to choose from, such as the Diaspora Savings Account, Diaspora Current Accounts, Diaspora SWEETA Account, Diaspora Domiciliary Account and the Global Edge Account. For the Corporate and Business owners, there is the Diaspora Corporate Current Account, Diaspora Vantage Accounts, Diaspora Mortgage and several others.
With all of this and more, Fidelity Bank has solidified its place as an industry leader committed to the growth and success of the Nigerian people and her economy through Diaspora Banking. They continue to lead the industry with innovative products and services geared towards supporting and strengthening the economy. For these giant strides in Diaspora Banking and other sectors, the Bank has, over the years, won several accolades such as the Most Improved Corporate/Investment Bank, Best SME Friendly Bank, and Best in Mobile Banking, amongst other several industry awards and recognitions. There is no doubt that the bank is well on its way to becoming a tier 1 bank in no distant future.