BANKING

How To Get Fidelity Bank Loan

Published

1 year ago

How To Get Fidelity Bank Loan

In the chase to make our financial dreams become reality, having access to flexible and convenient loan options has proven to be a game-changer, in the quest to achieving personal and business financial goals. Fidelity Bank, as a trusted financial institution in Nigeria, offers a variety of loan options to help individuals and businesses achieve their financial goals: “How To Get Fidelity Bank Loan.”

Getting loans from Fidelity is easier than you think in many instances, if you’re planning to obtain a loan from Fidelity Bank, you’re on the right platform to get informed on how to go about getting a Fidelity Bank loan to achieve your financial goals.

In this guide we will discuss and walk you through the requirements and eligibility criteria for getting a Fidelity Bank loan, the types of loans offered by Fidelity Bank, interest rates of the different types of Fidelity Bank loans, the benefits of Fidelity Bank loans, and the cons of Fidelity Bank loans if any. Read on to learn more!

About Fidelity Bank

Fidelity Bank is a prominent commercial bank in Nigeria, the bank was founded in the year 1988 as a merchant bank and was converted to a commercial bank in the year 1999. The bank was established as Fidelity Union Merchant Bank Limited and then converted to a commercial bank in the year 1999 and became a universal bank in the year 2001. Fidelity Bank has over 7.2 million customers managed and serviced across its 250 service offices and several digital banking platforms.

How To Get Fidelity Bank Loan

Fidelity Bank is highly focused on a select niche corporate banking as well as serving Micro Small and Medium Enterprises (MSMEs). Fidelity Bank has continued to rapidly implement a digital-based retail banking strategy which has resulted in exponential growth in savings deposits for the bank over the last 12 years. This has led to over 57 per cent customer enrollment on Fidelity Bank’s flagship mobile/internet banking products.

Does Fidelity Bank Give Loan

Yes, Fidelity Bank gives loans to its eligible customers who meet and agree to the terms and conditions with which the Fidelity Bank loans are provided and offered. Fidelity Bank offers a wide range of loan products according to the needs of the loan applicants.

Types of Loans Offered By Fidelity Bank

Fidelity Bank offers several different types of loans to its millions of customers across all the regions where the bank operates. The main types of loans available on offer at Fidelity Bank include:

Payday Loan: This loan is designed and targeted at staff of public and private organizations whose staff salary accounts are domiciled with Fidelity Bank. This loan is given at a flat interest rate of 4.5% and has a tenor of 30 days. The minimum loan amount for this loan is ₦1,000 and you can apply for up to 50% of your net income up to a maximum of ₦500,000 as loan with the payday loan.
Personal Loan: This loan is designed for and targeted at individuals in private and public organisations with their salaries domiciled with Fidelity Bank. This loan is very suited for individuals that it doesn’t have any document requirements. This loan is designed with an interest rate of 2% per month or 24% per annum and has a maximum possible loan amount of ₦5,000,000 individuals can apply for.
Fidelity Point of Transaction (POT) Loan: This is a loan that is designed to be a short-term loan meant to provide a bridging finance to customers of Fidelity Bank, with this loan you can complete your immediate financial transactions initiated on the automated teller machine (ATM), Web, or point of sales (POS) due to insufficient balance concerns.
Fidelity NYSC Loan: This loan is designed and targeted at serving members of the National Youth Service Corps (NYSC). This loan is meant to help serving corp members get instant loans which will be disbursed into the corp members’ account to help the corp members with their financial needs. The Fidelity NYSC loan is categorised into the payday loan and the personal loan.
Fidelity Loan On Account Turnover (FLOAT): This is an instant loan type designed for active account holders with Fidelity Bank with a banking relationship with Fidelity Bank. This loan is designed with a flat loan interest rate of 4.5% per annum. To restructure this loan at any time you need to pay a 0.5% restructuring fee to Fidelity Bank to have your loan restructured.

SME Loans And Advances

These are the loans offered by Fidelity Bank to several MSMEs to help in powering and growing the Nigerian economy. This loan is specifically created for Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. It has been customized to address the challenges faced by MSMEs in accessing finance. Fidelity Bank aims to become the preferred bank for funding and providing support to MSMEs, as they play a crucial role in driving the growth and development of the Nigerian economy.

The SME loans and advances offered by Fidelity Bank include SME Quick loans, Commercial Support Short Term Loan, Commercial Support Overdrafts, Traders Support Facility (TSF), Specialized MSME Loans, Fidelity EduLoan, Fidelity Private Medical Support Scheme, Fidelity Pharmacy Support Facility (FPSF), Development Finance Loan, and Development Finance and Intervention Funds.

Fidelity Bank Loan Interest Rate

Fidelity Bank offers loan products to applicants who qualify for its loans at affordable and competitive interest rates. The interest rates of loans offered by Fidelity Bank range from 2% per month to as high as 24% per annum or more depending on the type of loan.

Fidelity Bank Loan Eligibility

There are several loan eligibility requirements for getting any of the loan products offered by Fidelity Bank. The eligibility requirements for the various loan types available at Fidelity Bank are listed below:

Payday Loan

No documentation required
Your Salary Account and GSI must be domiciled with Fidelity Bank and be active for at least three (3) months
The customer must have a credit balance
You need to have a good credit rating

Personal Loan

You do not need documentation for your loan application
Your Salary Account must be domiciled with Fidelity Bank and be active for at least three (6) months
The customer must have enough credit balance
You need to have a sound credit rating

Fidelity Point of Transaction (POT) Loan

You must be a Fidelity Bank account holder to be eligible for this loan
You must have a minimum balance of above N500, meaning your account must be in credit balance
You need to be free from any outstanding POT loan obligations
Your total transaction value must not exceed the ledger balance

Fidelity NYSC Loan

You need to be a serving corp member
You need to have your allowance account domiciled in Fidelity Bank
A credit check will be conducted on the applying corp member
You must accept the T&Cs

Fidelity Bank NYSC Loan Terms and Conditions

The loan tenor is up to 10 months
You have to pay a management fee of 1% which is charged upfront
You have to pay for insurance fee of 1% chargeable upfront
The interest rate for this loan is between 1.95% – 2% p.m.
This loan has credit life insurance at 0.25% flat

Fidelity Loan On Account Turnover (FLOAT)

This loan is very easy to obtain, the loan does not have a guarantor requirement, and no collateral for application
There is no requirement for a loan guarantor and collateral to be able to apply for this loan
There are no hidden charges to this loan

Fidelity Bank Loan Application Process

Each type of loan is available at Fidelity Bank, with each having its specific application processes albeit with small differences in the required documents for application. The application process for the different types of loans offered by Fidelity Bank includes:

Payday Loan

To apply for the payday loan you need to fill out and complete the payday loan application form on the bank’s loan website
You can also apply for the payday loan by dialling the USSD *770*08# and then following the prompts

Personal Loan

To apply for the personal loan you need to fill out the personal loan application form on the bank’s loan website
You can also apply for the personal loan by dialling the USSD *770*08# and following up on the prompts

Fidelity Point of Transaction (POT) Loan

To apply for the POT loan you need to fill out the POT loan application form on the bank’s loan website
You can also apply for the POT loan by dialling the USSD *770*08# and then following the prompts thereafter

Fidelity NYSC Loan

To apply for the Fidelity NYSC loan you need to fill out the Fidelity NYSC loan application form on the Fidelity Bank’s loan website
You can also apply for the Fidelity NYSC Loans by dialling the USSD *770*08# and following the prompts thereafter

Fidelity Loan On Account Turnover (FLOAT)

To apply for Fidelity Loan On Account Turnover (FLOAT) you are required to fill out the Fidelity Loan On Account Turnover (FLOAT) application form on Fidelity Bank’s website
You can also apply for Fidelity Loan On Account Turnover (FLOAT) by dialling the USSD *770*08# and then following the prompts afterwards

Benefits of Fidelity Bank Loan

Fidelity Bank loans provide several benefits to customers who apply for this loan and get their loan application approved. The benefits of the different types of loans offered by Fidelity Bank include:

Payday Loan

You do not require any documents or collateral to apply for this loan
You have access to borrow up to 50% of your net salary income
You can pre-liquidate your loan without incurring any penalties

Personal Loan

The personal loan is not tied to collateral lending, meaning you can apply for the loan without any documents and collateral
You are allowed to pre-liquidate your loan without any penalties
This loan offers you up to 40% of your annual income up to a maximum of ₦5,000,000

Fidelity Point of Transaction (POT) Loan

This loan is ideal for emergency small spending for individuals on a budget spending

Fidelity NYSC Loan

NYSC serving corp members can have access to emergency financing for their goals and needs during their service year
You can self-liquidate your loan
The loan is characterised by easy documentation
The loan has a quick processing time
The loan is disbursed instantly

Fidelity Loan On Account Turnover (FLOAT)

You can extend the repayment of this loan by another 30 days once on the expiration of the ideal 30 days loan tenor expires and you’re unable to repay the loan
The loan disbursement is instant once your loan application is approved
There are no hidden loan fees

Cons of Fidelity Bank Loan

Fidelity Bank loans provide several benefits to the loan beneficiaries, the bank’s loans Alps have some downsides including:

The payday loan has a very short tenor of just 30 days
The interest rate of the payday loan is taken upfront
The personal loan has extra fees attached to it the management fee is pegged at 1% flat and the insurance fee of the loan is pegged at 1.5% bringing the whole thing extra cost at a 2.5% flat rate.
The tenor of the POT is very short at 14 days

Conclusion

Fidelity Bank loans are very affordable for personal use and business development, this is especially the case for small and medium enterprises that are seeking funds to keep their businesses running. With Fidelity Bank loans millions of businesses have been able to meet their financial goals, and helped keep their businesses growing and operating. If you wish to get the funding to achieve your financial and business goals, Fidelity Bank is the bank to go to and be assured of loan financing, provided you meet the eligibility requirements for the type of loan you apply for. See

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African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises (SMMEs) and Boost Trade

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African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises

The African Development Bank Group (www.AfDB.org) and Standard Bank Group (SBG) on Monday signed a landmark financial agreement to enhance funding for small, medium, and micro enterprises (SMMEs) and expand trade across Africa.

The agreement includes a R3.6 billion investment in a social bond and a $200 million Risk Participation Agreement (RPA) for Standard Bank of South Africa Limited (SBSA). This initiative strengthens Standard Bank’s lending capacity, ensuring greater access to finance for SMMEs, a critical driver of economic growth and job creation in South Africa.

African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises

The social bond investment promotes inclusive economic development, particularly for SMMEs with a turnover below R300 million and loan sizes under R40 million. This financing will support up to 4,000 businesses, helping them scale operations, create jobs, and contribute to economic resilience.

Kenny Fihla, Deputy Chief Executive Officer of Standard Bank Group and Chief Executive Officer of SBSA, welcomed the investment, stating: “This landmark partnership strengthens our ability to support SMMEs, the backbone of South Africa’s economy. With approximately 3.2 million SMMEs accounting for 60% of jobs, ensuring access to finance is crucial. This initiative aligns with our Sustainable Finance Framework and our commitment to financial inclusion.”

In addition to the social bond, the $200 million RPA enhances trade finance across Africa, focusing on Low-Income Countries and Transition States. This agreement enables local banks to increase lending by sharing risk, bridging the trade finance gap, and promoting intra-African trade.

African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises (SMMEs) and Boost Trade

Leila Mokaddem, Director General for Southern Africa at the African Development Bank, highlighted the broader impact: “This collaboration marks a significant milestone in our long-standing partnership and is a testament to our shared commitment to supporting SMMEs’ growth and enhancing trade finance across Africa. Expanding financial inclusion and trade opportunities empowers businesses to drive economic transformation and regional integration. The Standard Bank Group remains a strategic partner in our shared vision for economic development on the continent.”

This initiative aligns with the African Development Bank’s Ten-Year Strategy (2024–2033), which prioritises industrialisation, regional integration, and improving the quality of life in Africa. It also supports Standard Bank’s Sustainable Finance Framework, reinforcing both institutions’ commitment to fostering green and inclusive growth.

“We are proud of this transaction, demonstrating our shared commitment to sustainable financing. By supporting businesses, we create long-term economic opportunities and financial resilience,” stated Ahmed Attout, Director of the Financial Sector Development Department at the African Development Bank.

Kenny Fihla reaffirmed the significance of the collaboration:

“By providing much-needed capital, we are helping enterprises overcome challenges and thrive. This partnership illustrates the power of collaboration in driving meaningful economic and social change in Africa.”

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The International Islamic Trade Finance Corporation (ITFC) Maintains Leadership in Global Ranking of Islamic Syndications for 4 Consecutive Years

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The International Islamic Trade Finance Corporation (ITFC) Maintains Leadership in Global Ranking of Islamic Syndications for 4 Consecutive Years

The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB), has reinforced its position as a key player in the Islamic syndications market, achieving prominent rankings in the 2024 Bloomberg and Refinitiv League tables.

The International Islamic Trade Finance Corporation (ITFC) Maintains Leadership in Global Ranking of Islamic Syndications for 4 Consecutive Years

For the fourth consecutive year, the ITFC top-tier performance reflects a strategic focus on delivering impactful trade finance solutions. For 2024, Refinitiv ranked ITFC as Globally # 1 Bookrunner and Mandated Lead Arranger (MLA) in their Islamic Syndications League table. Additionally, and Bloomberg also ranked ITFC among the top Bookrunners and MLA in the Islamic Syndications League table. These rankings are a testament to the ITFC ability to consistently deliver value-driven results and maintain a strong position among leading international and regional financial institutions.

The recognition from Refinitiv and Bloomberg confirms that ITFC is a key player in facilitating trade among OIC member countries. This not only reaffirms the ITFC status as the pre-eminent provider of trade solutions but also underscores its remarkable ability to draw investments from a wide spectrum of global investors and financial institutions.

Additionally, it emphasizes the positive impact on the lives and livelihood of people inherent in the ITFC business operating model, demonstrating its effectiveness in meeting the unique financial needs of OIC member countries.

The Refinitiv and Bloomberg League tables rank banks and financial institutions based on their performance in loan syndications, bonds, and mergers and acquisitions (M&A) transactions. The rankings, including arrangers, bookrunners, administrative agents, and advisors, are published quarterly and annually.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

About the International Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided more than US$83 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.

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Afreximbank and Kenyan government ink milestone agreements to promote industralisation

Published

2 weeks ago

Christopher

Afreximbank and Kenyan government ink milestone agreements to promote industralisation

Afreximbank will finance the development and operationalisation of industrial parks (IPs) and special economic zones (SEZs) to bolster the country’s industrialisation and export manufacturing

African Export-Import Bank (Afreximbank) (www.Afreximbank.com), Africa’s foremost trade development Bank, today in Mombasa, Kenya, ratified a series of initiatives designed to support Kenya’s industrialisation and export-led development agenda. Under the terms of the initiatives, formalised at a signing ceremony with the Kenyan authorities, Afreximbank will finance the development and operationalisation of industrial parks (IPs) and special economic zones (SEZs) to bolster the country’s industrialisation and export manufacturing.

Afreximbank and Kenyan government ink milestone agreements to promote industralisation

The proposed industrial parks, to be developed by Afreximbank through its affiliate company, Arise Integrated Industrial Platforms (Arise IIP), will create and sustain an environment in which export-oriented industries can thrive, by leveraging economies of scale, shared infrastructure and access to global markets.

Two projects to be undertaken by Afreximbank, with the support of the Government of Kenya and other strategic collaborators, are the development of the Dongo Kundu Integrated Industrial Park and the Naivasha Special Economic Zone II (Naivasha II), for which, having secured leases of the relevant land, Afreximbank intends to leverage the expertise and experience of Arise IIP, a special economic zone developer with experience in the development of integrated industrial parks in Africa.

Both the Dongo Kundu Integrated Industrial Park and the Naivasha Special Economic Zone II are included in the Fourth Medium Term Plan (2023-2027) of the Kenyan government’s Vision 2030, entitled “Bottom-Up Economic Transformation Agenda for Inclusive Growth”, reflecting the high priority which state institutions are giving to measures that strengthen, expand and accelerate Kenya’s capacity to export value-added goods within Africa and globally.

Speaking on the signing, the President of the Republic of Kenya, H.E. Dr. William S. Ruto said; “We have a responsibility to steer the country in the right direction, harnessing the immense potential of manufacturing, industrialization, agro-processing, and value addition within Special Economic Zones. The signing of these agreements today marks a significant milestone in Kenya’s development, expanding opportunities to enhance our manufacturing sector and create a more conducive environment for investment. We convene here today to sign an investment – and not a loan – undertaken by people whose faith in this country and its possibilities motivates their decision. This is our country, let’s continue to do whatever it takes to make it an attractive destination for those who want to invest.”

In his own comments, Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, said:

“Africa has been heralded as a land of opportunity, blessed with resources that power the world. Yet, we have struggled to translate this wealth into lasting prosperity for our people. For decades, we have watched as others reap the rewards of our natural resources, leaving us tethered to a cycle of dependency—exchanging our riches for aid and loans that kept us on the fringes of the global breadbasket.

“Those days are behind us. Today, Kenya takes a bold step to reshape this story in a profound and impactful manner. These Parks are an integral part of the Government’s plan to boost the country’s economic growth under the Vision 2030 development blueprint.

Today’s signatures are more than ink on paper—they are a promise to the people of Kenya, a pledge that the country will rise as a beacon of industrial might and self-reliance.”

Mrs. Oluranti Doherty, Managing Director of Export Development at Afreximbank, and Captain William K. Ruto, Managing Director of the Kenya Ports Authority, signed the Dongo Kundu Special Economic Zone agreement. Dr. Kenneth Chelule, Chief Executive Officer of the Special Economic Zones Authority, and Mrs. Doherty signed the Naivasha Special Economic Zone agreement, with H.E. Dr. William Ruto, President of the Republic of Kenya, and Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, witnessing the signing of both agreements for the State and for the Bank, respectively.

The Dongo Kundu Industrial Park within the Mombasa SEZ is expected, upon completion, to boost the area with a state-of-the-art industrial park that will contribute significantly to economic growth and industrialisation efforts in Mombasa County and in Kenya as a whole.

The Naivasha II Special Economic Zone – Naivasha II project is located at Mai Mahiu and will include a free trade zone, an industrial park, a logistics zone and a public utility area with a supporting road network. The project will occupy an area of approximately 5000 acres.

The Naivasha II project will also derive value from its strategic geographic position as it sits on the gateway to East and Central Africa through the Northern Corridor Transport System, which comprises both a standard gauge railway and a major highway. Moreover, the SEZ will be close to the Naivasha Inland Container Depot, which serves the East African hinterland countries of Burundi, the Democratic Republic of Congo, Kenya, Rwanda, South Sudan and Uganda.

Other dignitaries in attendance included Mrs Oluranti Doherty, Managing Director, Export Development, Afreximbank; Hon. Davis Chirchir E.G.H, Roads and Transport Cabinet Secretary; Hon. Hassan Ali Joho, Cabinet Secretary for Mining, Blue Economy and Maritime Affairs; Hon. Salim Mvurya, Cabinet Secretary for Youth Affairs, Creative Economy and Sports of Kenya and Honourable Lee Kinyanjui, Cabinet Secretary, Ministry of Investment, Trade and Industry. Additionally, Captain William K. Ruto, Managing Director, Kenya Ports Authority; Dr. Kenneth Chelule, Chief Executive Officer, Special Economic Zones Authority; His Excellency Abdulswamad Shariff Nassir, Governor of Mombasa County; the Honourable Benjamin Tayari, Chairman, Kenya Ports Authority, and Mr. Fredrick Muteti, EBS, Chairperson, Special Economic Zones Authority attended the event.

Distributed by APO Group on behalf of Afreximbank.

About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industralisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2023, Afreximbank’s total assets and guarantees stood at over US$37.3 billion, and its shareholder funds amounted to US$6.1 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.