Fidelity Bank at 10 It is easy to forget just how much the financial services sector has been transformed in Ghana. In 1988, when the Financial Sector Adjustment Program (FINSAP) was introduced, the country had only 10 banks, most of which were government owned. Soon FINSAP was yielding dividends and the banking and financial services landscape underwent significant transformation. Several Nigerian banks entered the market with the declared aim of intensifying its vibrancy and providing customers with a broader range of opportunities and better customer service. I remember the Nigerians describing Ghanaian bankers as "arm chair bankers". They were bringing to Ghana a different culture where the customer was supreme or so it seemed. The traditional multinational banks were soon facing stiff competition, from the new comers. But there was more to come. Private Ghanaian banks entered the space and the rest is history. Whilst multinational banks have and continue to play an important role in mobilizing deposits for development, there's no gain saying the fact that a lot more could be achieved by well positioned Ghanaian banks. That is where Fidelity Bank steps in as the largest privately owned Ghanaian bank. More importantly, Fidelity is today Ghana's fourth largest bank by way of deposits, out of a total of 35 or so banks operating out of Ghana. What is remarkable, is the fact Fidelity has done this in no more than a decade. Today Fidelity can boast of 75 branches and more than one million customers; a major feat by any standard and it is a privately owned Ghanaian bank; we must not forget that. Indeed from the outset, Fidelity set out to make a difference. When it entered the banking space, Fidelity was already a well known name in the financial services sector, having operated Ghana's leading discount house for several years. As a new bank in 2006, it's brand presence was compelling and its tagline at the time: "the new standard" a clear statement of intent, that it was here to take our banking to a whole new level. That new standard had come to represent not only top quality financial services but included the much broader obligation of playing an important role in national development. Ghana's economy continues to have a large informal sector and so substantial resources remain outside the banking system. Mobilizing these deposits for increased economic activity is a challenge that the banking sector continues to face. The competition to attract these resource is fierce and it is a mark of Fidelity's resilience, that within a decade, it is ranked number 4. Fidelity Bank is also the only bank to be licensed to provide agency banking in Ghana, in so doing taking banking far and wide. Through this, it has advanced the cause of inclusive banking, critical to the well being of the country. In a major move to provide support to the majority of Ghanaian businesses, Fidelity Bank acquired the renowned non bank financial institution, Pro Credit, known for its expertise in working for SMEs. In one broad stroke, Fidelity acquired a tested credit methodology, processes and the human resource necessary to impact SMEs in a meaningful way. As the leading privately owned Ghanaian bank, Fidelity contributes towards the socio-economic development of Ghana. Its contributions are seen in the energy, health and agricultural sector. Financing has been for power plants, specialist medical equipment, the purchase of cocoa by Cocobod and for Licensed Buying Companies. The day privately held Ghanaian banks can provide the full syndication amount for the purchase of the cocoa crop, the country would have arrived in a meaningful place. Ghana needs vibrant private Ghanaian banks to accelerate her development, stimulate economic growth and bring prosperity to its people. Fidelity Bank is well on it's way to playing that role. The confidence is there for all to see in its latest tagline - BELIEVE WITH US.
