Fidelity Bank records 80% customer transactions via digital channels

Fidelity Bank Ghana recorded more than 80 per cent of its customer transactions in 2020 through its various digital channels.

The achievement, which the bank described as an enviable milestone in its drive towards digitalising its banking services, is an accomplishment which bears testament to the successful migration and conversion of the majority of the bank’s customers onto digital platforms.

This came to light when the bank held its Annual General Meeting (AGM) last Friday via a virtual platform.

The meeting gave shareholders the opportunity to consider and adopt the report of the directors for the financial year ended December 31, 2020.

Addressing the meeting, the Board Chairman of Fidelity Bank, Mr Edward Effah, attributed the bank’s success to its array of digital products and services.

These include the Fidelity Mobile App, Online Account Opening, Online Banking Portal, USSD, GHQR payments, Cards and the recently launched WhatsApp Banking Assistant, Kukua, which enabled customers to access the bank’s services seamlessly and conveniently in 2020 despite the COVID-19 pandemic. 

“In line with the bank’s strategy to leverage technology for the purposes of empowering customers to conduct simple and personalised online transactions, we introduced Kukua, our 24-Hour WhatsApp Banking Assistant who is fully conversant with the bank’s suite of offerings.

The board chairman also informed shareholders that “Fidelity is the first bank in Ghana to partner with SWIFT, the global provider of secure financial messaging services, to adopt the Global Payments Innovation (gpi) service. 

Mr Effah said: “This industry-first initiative, which is slated to go live later this year, enables real-time tracking of cross-border payments and provides end-to-end traceability to ensure accuracy in ascertaining the status of remittances.”

2020 Financial performance

On the bank’s fiscal performance, the board chairman reported that notwithstanding the turbulence that hit the banking sector in 2020, the bank proved resilient and posted strong financials.   

According to Mr Effah, Fidelity Bank recorded a profit before tax of GH¢382 million in 2020, representing a 19 per cent increase from the GH¢322 million recorded in 2019.

He explained that the bank’s profitability improved on the back of asset quality, increased revenue and enhanced efficiency, with the cost-to-income ratio declining further to 51 per cent by the end of the year.

SMEs support

Although business activity slowed as a result of the COVID-19 pandemic, Mr Effah said the bank continued to support its individual and business clients throughout the year.

For instance, it adopted a strategic and long-term approach in its support to SMEs and also rolled out an assortment of support schemes to mitigate the impact of the pandemic on individual customers and their families.

Social impact initiatives

The Managing Director of Fidelity Bank Ghana, Mr Julian Opuni, for his part said in addition to the business support initiatives, the bank also undertook many social impact activities aimed at supporting government in the fight against COVID-19.

“As the custodian of the Ghana COVID-19 Private Sector Fund, we donated GH¢1 million to support the construction of Ghana’s first Infectious Disease Centre located at the Ga East Municipal Hospital in Accra. Additionally, to show our appreciation to healthcare workers for being at the forefront of the pandemic, we launched an auto loan package for members of the Ghana Medical Association,” he said.