Fidelity to lend GH¢500 million as loans in 2nd half of 2017

Fidelity Bank Ghana Limited has allocated GH¢500 million for disbursement as loans to customers for the second half of the year.

To help achieve this, the bank has launched  a product known as “Fast and Easy Loan,” which will also enable customers to obtain credit facility from the bank within 24 hours at 10 per cent interest rate per annum.

The Managing Director (MD) of the bank, Mr Jim Baiden, told the GRAPHIC BUSINESS in an interview after the launch of a new loan product in Accra on (July 6) that the bank would deploy technology-based solutions to drive financial inclusion and grow the bank among the top banks in the country.

He said the bank had already adopted a cutting-edge technology to support its product and service offerings.

Technology has already enabled the bank to engage over 2,500 agents across the country to ensure that more people, especially the unbanked, get access to financial services.

“The Fidelity Bank believes that everything that we set our mind to do, it is possible. To that extent, we believe that  our bank will soon become the biggest bank in Ghana,” he added.

Fast and Easy Loan

Touching on the Fast and Easy Loan product, he explained that the product was to enable customers to access loans easily with their savings and investments serving as their collateral.

“This product has just been launched and it is going to take effect from the second half of the year and we are targeting to write about GH¢500 million as loans,” he stated.

“This innovative product is carefully designed to help Ghanaians protect their money and still get a loan to do anything they want to do,” he said.

Deposits as collateral

He added, “What is amazing about this product is that customers use their deposits as collateral as they take the loan and pay back with an interest of just 10 per cent per annum.”

He observed that the product provided every customer who had an investment or savings with the bank an equal chance to secure loans up to 90 per cent equivalent to the amount the client had with the bank.

Mr Baiden said the product formed part of the company’s commitment to promoting financial inclusion by ensuring that financial services were available to Ghanaians from all walks of life.

“As a Ghanaian bank, we are committed to the well-being of our customers and we acknowledge the fact that there are times when they need money urgently to take care of very important issues such as personal assets, personal expenses or working capital needs,” he said.

“As you are all aware, we are 10 years and because of that, we are offering this loan at an unbelievable 10 per cent real interest rate,” Mr Baiden stated.

Competitive rate

The managing director emphasised that the rate was very competitive in the market and stressed that, “By the introduction of this innovative product, we are advising all customers and non-customers of the bank not to spend the money they have but entrust them to the Fidelity Bank to look after and even add value to it.”

Mr Baiden noted that access to credit had been a major challenge in the country in the past years which had made it difficult for the business community to operate smoothly. — GB