Fidelity Bank Introduces Export Bonus Account
Anthony Benin, Director of Corporate Banking for Local and Multinational Corporates
A facility aimed at reducing transaction costs for exporters has been introduced by Fidelity Bank Ghana Limited, one of the fastest growing indigenous banks in the country.
The Fidelity Export Bonus Account is the latest addition to the Fidelity range of products after introducing both Smart Account and Agency Banking services early this year as part of the bank’s financial literacy initiative.
Explaining the rationale behind the move, Fidelity’s Director of Corporate Banking for Local and Multinational Corporation, Anthony Benin said ‘the Export Bonus Account holders will enjoy benefits such as quick credit inflows into accounts, Free COT, access to credit facilities, a dedicated relationship manager, free monthly statements, among others.’
He said the bank had also set aside what he called ‘Export Desk’ to specifically assist clients who are into export and added that they were raising what he called ‘$ 60m long-term debt’ to support clients.
‘Fidelity Bank is partnering with the Export Development and Agricultural Investment Fund EDAIF to support exporter’s credit delivery,’ adding that the bank would use the impending Fidelity Exporter’s Summit to be held in Kumasi, Takoradi and Tamale in the third quarter of 2014 to sensitize exporters.
Mr. Benin said the summit is expected to put exporters in conclave to deliberate and educate them on how manage finances.
‘The role of export to the development of every country cannot be over-emphasized. For a country to have a trade surplus, it must export more than it imports. In Ghana, however, statistics clearly indicate that the country imports more and export less leaving a trade deficit of about $20 billion,’ he said.
He added: ‘What is even worrying is that the exported products are usually sent in their raw state without adding value to obtain maximum benefits. To move Ghana’s export forward, it will take a concerted effort from all stakeholders, policy makers, banks and other financiers and exporters to look at the situation once again.’
He said that ‘traditionally, banks’ support has been in the areas of export credit, facilitation of international trade through export LCs, invoice discounting, bank guarantees and advisory services. Fidelity Bank was established on the principle of empowering Ghanaian businesses to grow. To this end, the bank has over the years rolled out products and services tailor made to suit the various needs of Ghanaian businesses.’
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