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Fidelity Bank Offers Financial Solutions
- By Kayode Ogunwale
- Published January 3rd, 2011
- MoneyWorld
- Unrated
Fidelity Bank Plc has stated that it has a dedicated team that provides financial solutions for existing and prospective customers.
To this end, the bank stated that its youth banking corner has two products in its coffers for the upwardly mobile known as the Premium Student Account and the Premium Graduate Account.
The premium student account, according to the bank is designed, bearing in mind needs of an undergraduate.
“The features are enticing but more importantly when you open a premium student account you immediately gain access resources that will help you chat your course in life,” the maintained.
The features include zero opening balance; reserve balance – N1000 (qualifies the customer for the reward schemes); free debit cards; internet banking/ SMS banking as well as customized non-clearing cheques.
Other features of the account include third party withdrawals; lodgment of cheques and dividends issued in the account holder’s name; minimum monthly lodgment N1000; upgradeable to the premium graduate account.
For the Premium Graduate Account, the bank stated that “Whether you are a professional or an entrepreneur, we know that you want to succeed. As a premium graduate account holder, we provide great banking services and vital resources to give you the financial acumen you require to succeed.”
The features include opening balance – N500; reserve balance – N2000 (qualifies the customer for the reward schemes); free debit cards; internet banking/ SMS banking; customized non-clearing cheques.
Other features include third party withdrawals; lodgment of cheques and dividends issued in the account holder’s name; minimum monthly lodgment N2000; as well as automatic membership of the Fidelity Youthlounge Club.
According to the bank “Our Youth Banking customers automatically become members of a virtual youth club, Youthlounge. You can then sign on at the comfort of your homes or any other location and access the resources you require or even discuss with people of like minds who are also members.”
Meanwhile, Fidelity Bank expects pre-tax profit to rise to between N10-N11 billion from N1.7 billion last year.
Francis Ikenga, head of strategy said the bank’s aim is to return to pre-tax profit levels of about 15 billion naira achieved in 2008 in the coming year. He forecast gross earnings of 55-60 billion naira last year.
“The main driver for our profit before tax will be expected returns on our liquid assets. Three-year bonds which used to be 3.5 per cent have moved up to 6 per cent,” Ikenga told Reuters. “Treasury bill yields have also moved up. The yields on 10-year bonds are 12 per cent now from 8 per cent,” he said.
He said Fidelity’s balance sheet was made up of 40 per cent liquid assets — interbank placements, government bonds and treasury bills — and 60 per cent loans as at September.
Ikenga said the bank expected to add six new branches by December which would bring the total number to 187.
Meanwhile, the Central Bank of Nigeria (CBN) has said that henceforth, it will use court appointed liquidators to sell off assets of wonder banks in the country.
The CBN which spoke on behalf of the Inter-Agency Committee On illegal fund managers said the step was taken to recover a sizeable sum of money from the sale of assets of the wonder banks to pay the affected depositors.
The committee comprises of the CBN, Nigeria Deposit Insurance Corporation (NDIC), Security and Exchange Commission (Sec), Economic and Financial Crime Commission (EFCC), Corporate Affairs Commission (CAC) and the Police.
Mr. Muhammed Abdullai, the CBN’s spokesman in a statement said the victims of wonder banks are growing at alarming rate, hence the need to stem the menace in the country.
According to the apex bank, “We will make use of court appointed liquidators and intensive surveillance by the law enforcement agencies to resolve this problem.”
Citing example, the CBN stated that in the case of Sefteg Company Nigeria Ltd, where a liquidator had been appointed by a court, the liquidator was able to realize a sizeable sum of money from the assets of the company and has therefore, commenced payment to verified depositors of the company.
This approach of using court appointed liquidators will be replicated in all cases to ensure early resolution, said the CBN.
To this end, the bank stated that its youth banking corner has two products in its coffers for the upwardly mobile known as the Premium Student Account and the Premium Graduate Account.
The premium student account, according to the bank is designed, bearing in mind needs of an undergraduate.
“The features are enticing but more importantly when you open a premium student account you immediately gain access resources that will help you chat your course in life,” the maintained.
The features include zero opening balance; reserve balance – N1000 (qualifies the customer for the reward schemes); free debit cards; internet banking/ SMS banking as well as customized non-clearing cheques.
Other features of the account include third party withdrawals; lodgment of cheques and dividends issued in the account holder’s name; minimum monthly lodgment N1000; upgradeable to the premium graduate account.
For the Premium Graduate Account, the bank stated that “Whether you are a professional or an entrepreneur, we know that you want to succeed. As a premium graduate account holder, we provide great banking services and vital resources to give you the financial acumen you require to succeed.”
The features include opening balance – N500; reserve balance – N2000 (qualifies the customer for the reward schemes); free debit cards; internet banking/ SMS banking; customized non-clearing cheques.
Other features include third party withdrawals; lodgment of cheques and dividends issued in the account holder’s name; minimum monthly lodgment N2000; as well as automatic membership of the Fidelity Youthlounge Club.
According to the bank “Our Youth Banking customers automatically become members of a virtual youth club, Youthlounge. You can then sign on at the comfort of your homes or any other location and access the resources you require or even discuss with people of like minds who are also members.”
Meanwhile, Fidelity Bank expects pre-tax profit to rise to between N10-N11 billion from N1.7 billion last year.
Francis Ikenga, head of strategy said the bank’s aim is to return to pre-tax profit levels of about 15 billion naira achieved in 2008 in the coming year. He forecast gross earnings of 55-60 billion naira last year.
“The main driver for our profit before tax will be expected returns on our liquid assets. Three-year bonds which used to be 3.5 per cent have moved up to 6 per cent,” Ikenga told Reuters. “Treasury bill yields have also moved up. The yields on 10-year bonds are 12 per cent now from 8 per cent,” he said.
He said Fidelity’s balance sheet was made up of 40 per cent liquid assets — interbank placements, government bonds and treasury bills — and 60 per cent loans as at September.
Ikenga said the bank expected to add six new branches by December which would bring the total number to 187.
Meanwhile, the Central Bank of Nigeria (CBN) has said that henceforth, it will use court appointed liquidators to sell off assets of wonder banks in the country.
The CBN which spoke on behalf of the Inter-Agency Committee On illegal fund managers said the step was taken to recover a sizeable sum of money from the sale of assets of the wonder banks to pay the affected depositors.
The committee comprises of the CBN, Nigeria Deposit Insurance Corporation (NDIC), Security and Exchange Commission (Sec), Economic and Financial Crime Commission (EFCC), Corporate Affairs Commission (CAC) and the Police.
Mr. Muhammed Abdullai, the CBN’s spokesman in a statement said the victims of wonder banks are growing at alarming rate, hence the need to stem the menace in the country.
According to the apex bank, “We will make use of court appointed liquidators and intensive surveillance by the law enforcement agencies to resolve this problem.”
Citing example, the CBN stated that in the case of Sefteg Company Nigeria Ltd, where a liquidator had been appointed by a court, the liquidator was able to realize a sizeable sum of money from the assets of the company and has therefore, commenced payment to verified depositors of the company.
This approach of using court appointed liquidators will be replicated in all cases to ensure early resolution, said the CBN.
