News Column

Fidelity Bank Partners Firm On Money Transfer

May 6, 2014

Nume Ekeghe

Fidelity Bank Plc has gone into partnership with Ria Money Transfer Services in its bid to enhance diaspora banking an offer additional money transfer services to its customers.

The agreement offers customers of the bank the choice to send money directly to designated accounts.

Speaking in Lagos during the signing of the agreement yesterday, the Managing Director/Chief Executive Officer, Fidelity Bank Plc, Mr. Nnamdi Okonkwo, said: "In Fidelity, part of our area of focus in the new phase we are travelling is retail banking, financial inclusion and sustainability banking, while maintaining our strong play in corporate. This partnership is coming just at the right time."

Okonkwo pointed out that further the bank has decided that this year it would strengthen its money transfer business.

"We are going to play differently because we know the benefit of a strong money transfer business. I there say that Ria would benefit from our renewed focus of money transfer.

"This means that Ria as it is today stands the chance to compete with the major ones we already have because we cannot say we are dominate in those existing ones. And if we are going to give all three our energy, I guess the consumer would be voting at the end of the day," he added.

The Fidelity Bank boss however pointed out that the bank's drive for improved retail business does not imply that it would decrease its presence in other segments of banking.

"Increased focus in another area does not mean decreased focus on the other. What we said was that in the long term we want our loan portfolio to be 50-50 between corporate banking and retail on the other side. We see an area of growth and we want help central bank of Nigeria financial inclusion strategy," he maintained.

Also speaking at the event, the Executive Director Lagos and South-west of the bank, Mr. Ikemefuna Mbagwu said the money transfer product is such that anybody who wants to transfer money from abroad, can do it directly to a Fidelity Bank account.

Speaking on the advantages Ria has against its competitor, the company's Business Development Director, EMEASA, Mr. Manuel Villena said: "We are experts in the money transfer business which is in cash pick up on their branches, bank deposit which is our top seller.

"We also send money from bank to bank which is very easy for the customers which is the best option."

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Source: AllAfrica

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