Fidelity Bank Ltd.
Fidelity Bank Ltd. is the largest privately held domestic bank in Ghana.
Amount
€ 14,433,000.00
Type of investment
Debt
Development impacts
- Local economic growth
- Financial inclusion
- Promotion of ESG best practices
Beneficiary locations
Investment field
Financial Institutions
Activity
The bank was originally created in 1998 as a discount house to provide investment products and services to private and institutional customers. It was granted a universal banking license in 2006. Fidelity Bank has since reported impressive performance, becoming the 6th largest bank in total assets with 80 branches in 9 out of the 10 regions in Ghana and more than 1,000 employees.
Through this transaction, BIO will be able to provide long-term funding, which is not readily available in a Low Middle Income Country such as Ghana, especially in the extremely volatile market conditions.
Development impacts
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Local economic growth
60% of the syndicated amount will be attributed to SME’s being companies with a loan amount between USD 10k and USD 1mln. The remaining portion of BIO’s loan will be allocated to “corporates”, according to the Bank’s own definition, but however matching the EU SME definition in terms of balance sheet size and turnover.
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Financial inclusion
For years, Fidelity has been at the forefront of pushing the boundaries of financial exclusion through innovations in channels and products. The bank is the first to have negotiated a permission of the Bank of Ghana for lower administrative requirements for individuals, allowing them to open an account with only an ID in less than an hour. Its branch and agent network is by far the widest in Ghana, with presence in 9 of the 10 Ghanaian provinces.
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Promotion of ESG best practices
Fidelity actively develops people to grow their career within the organization, using the highest standards, and is a top percentile paying employer on the market. The company has implemented an E&S policy with the help of FMO and is further willing to develop it be a top notch player in this field
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