Fidelity Bank to redesign operations ‘to reduce expenses’

Nnamdi Okonkwo, Fidelity Bank CEO, says the bank would focus on redesigning its systems and processes to enhance service delivery and reduce operating expenses.

Speaking at the bank’s 30th annual general meeting (AGM) in Lagos, Okonkwo said the bank will continue to increase the migration of customers to its digital platforms.

“We will enhance our robust electronic banking processes and products thereby deepening our hold on the retail and commercial markets, small and medium scale enterprises and niche corporate clientele,” he said.

“Clearly, our success in 2017 financial year has set a strong pedestal for sustained growth in revenue. We are optimistic about a favourable operating environment and we look forward to delivering a decent set of numbers at the end of 2018 financial year.”

Shareholders of the bank approved the proposed N3.1 billion dividend which is translated to 11 kobo per share.

Moses Ogundeji, member, Independent Shareholders Association of Nigeria, said shareholders appreciated the efforts of the board and management in the transformation that is on-going in the bank.

Addressing shareholders, Ernest Obi, the bank’s chairman, said the bank was strategically poised to successfully navigate the business environment in 2018.

Ebi expressed optimism that the expected improvements in the global landscape would trickle down to the domestic economy to consolidate the comforting business climate witnessed towards the end of 2017.