Business News of Monday, 9 October 2017
Fidelity Bank Ghana has said it is well resourced and ready to meet the GH?400m minimum capital requirement set by the central bank last month.
“In terms of Capital Adequacy Ratio, Fidelity is one of the most capitalized banks in Ghana, its Managing Director, Jim Baiden, said. “We also emerged as the most resilient bank in Ghana in a recent stress test conducted by the Central Bank (BoG).”
He said: “We have built resilience against the storms in the banking industry over the years and our customers can rest assured that their funds and investment with us are secure, and we are well on track to meet the new capital requirement of GHC400 million by the Bank of Ghana”, he said at the launch of a book titled: “Developing Africa’s Financial Services: The Importance of High Impact Entrepreneurship”.
The book, which was authored by Professor Dana Redford, President of the Policy Experimentation and Evaluation Platform, features Fidelity Bank’s success story in the 7th chapter, which was written by Prof. Kwaku Appiah-Adu and Chris Boachie, and titled: ‘Fidelity Bank: Ghana’s Banking Success Story’.
The book highlights some specific strategies Fidelity has adopted to become successful. For example, paragraph four of page 161 of the book reads: “To ensure the relevance of their comprehensive range of products and services, Fidelity’s businesses continually review the demographics of customer segments to ensure that their offerings meet the banking and financial needs of existing and potential customers”.
Providing an in-depth portrait of the financial services sector and high-impact entrepreneurship in sub-Saharan Africa, the book also reveals a region that, despite many challenges, saw tremendous growth over the last decades and is rapidly becoming a global powerhouse.
Co-author, Professor Kwaku Appiah-Adu, who commended Fidelity for how far it has come as a local bank, noted that, out of eight banks that were assessed for the study, Fidelity emerged most appropriate to tell the story of the banking industry in Ghana.
“Fidelity’s founding team comprises highly experienced financial professionals with diverse global exposure and a long history of working together as a leadership team.
An appetite for innovation has been found to contribute to a company’s growth, and Fidelity demonstrates a high level of adaptability, as well as its capacity to identify opportunities”, he stated.