Business News of 2013-12-20

Fidelity Bank opens 50th branch

Fidelity Bank Ghana Ltd, is inching close to its avowed vision to be among the top five banks in the country by 2018 as it opens its 50th branch in seven years.
The bank plans to open 50 more branches in the next four years in addition to at least 2,000 agency points across, to make it one of the most visible banks in the country.
The 50th branch of the bank at the Airport Residential Area, overlooking the Liberation Road, is the third branch the bank has opened in the last three months.
Speaking at the inauguration, Mr Edward Effah the Managing Director said the banking penetration in the country was very low as only about 5.2 million of adult Ghanaians were banked, adding “this is why we at Fidelity believe in Ghana and thus continue to invest in our banking services to support the economy.”
Studies indicate that the banking industry’s total balance sheet size as a percentage of Ghana’s GDP stands at 37 per cent as of September, 2013, compared with other emerging and advanced economies such as Nigeria’s 52 per cent, South Africa’s 120 per cent and Europe’s 347 per cent as of December, 2012.
“This indicates a huge gap and potential for growth in the banking industry in Ghana and explains why we at Fidelity,we continue to expand our branch network and open agency points across the country to bring banking to the unbanked and under-banked,” the managing director of Fidelity Bank stated.
The branch inauguration was done together with the third draw of the bank’s “Fidelity Big Fat Zero” Deposit promotion which was started in August, this year.
A total of 13 persons won various prizes in the third draw for participating in the savings driver promotion.
Two previous draws have been held where lucky customers were rewarded with cash prices of up to GH¢10,000 for winners and numerous Gold coins as consolation prizes.
The managing director said the bank was committed to offering cutting edge products and services to help customers to achieve their dreams and that the promotion was to afford the general public the opportunity to win prizes and improve their lives overnight.