Fidelity Sets the Pace for Bank Digitalization – records over 80% of total customer transactions via digital channels We have chalked a remarkable milestone in our drive towards digitalizing our banking services. Over 80% of customer transactions recorded in 2020, took place via our various digital channels; an accomplishment that bears testament to the successful migration and conversion of the majority of our customers onto digital platforms. This came to light when we held our Annual General Meeting (AGM) on Friday, June 11, 2021, via a virtual platform. The meeting gave shareholders the opportunity to consider and adopt the report of the directors for the financial year ended 31st December 2020. Addressing shareholders during the virtual AGM, our Board Chairman, Mr. Edward Effah reiterated that our array of digital products and services including the Fidelity Mobile App, Online Account Opening, Online Banking Portal, USSD, GHQR payments, Cards and the recently launched WhatsApp Banking Assistant, Kukua, enabled customers to access our services seamlessly and conveniently in 2020 despite the COVID-19 pandemic. He stated, “In line with our strategy to leverage technology for the purposes of empowering customers to conduct simple and personalized online transactions, we introduced Kukua, our 24-Hour WhatsApp Banking Assistant who is fully conversant with our suite of offerings. Kukua has proven to be a useful addition to our blossoming suite of digital services, and I must say that our various digital services have been pivotal in bolstering our resilience in the face of the pandemic.” Our Board Chairman also informed shareholders that Fidelity is the first bank in Ghana to partner with SWIFT, the global provider of secure financial messaging services, to adopt the Global Payments Innovation (GPI) service. This industry-first initiative which is slated to go live later this year enables real-time tracking of cross-border payments and provides end-to-end traceability ensuring accuracy in ascertaining the status of remittances. He also reported that even though business activity slowed as a result of the COVID-19 pandemic, we continued to support our individual and business clients throughout the year by providing financial support for selected businesses as well as training opportunities such as Fidelity Presents…, a thought leadership webinar series that was held in partnership the International Finance Corporation (IFC). The webinar offered pragmatic strategies to over 300 SMEs to help them to address the difficulties presented by COVID-19. We also introduced the Fidelity Young Entrepreneurs Fund (FYEF) to support young people involved in building scalable businesses. Additionally, we undertook many social impact activities aimed at supporting the government in the fight against COVID-19. Highlighting some of these activities at the AGM, Julian Opuni, our Managing Director, averred, “as the custodian of the Ghana COVID-19 Private Sector Fund, we donated GH¢1million to support the construction of Ghana’s first Infectious Disease Centre located at the Ga East Municipal Hospital in Accra. Additionally, to show our appreciation to healthcare workers for being at the forefront of the pandemic, we launched an auto loan package for members of the Ghana Medical Association. This auto loan package allows members of the Ghana Medical Association to acquire vehicles at concessionary interest rates in recognition of their sacrificial efforts for the country.” Mr. Opuni also enumerated several philanthropic donations to medical facilities and educational institutions across the country. On our fiscal performance, our Board Chairman reported that notwithstanding the turbulence that hit the banking sector in 2020, we proved resilient and posted strong financials. According to Mr. Effah, from the outset of the COVID-19 crisis, we adopted a strategic and data-driven business decision-making approach which enabled us to weather the storm and continue along our growth trajectory, reporting year-on-year growth in key financial metrics. Consequently, we recorded a profit before tax of GHC 382 million in 2020, representing a 19% increase from the GHC 322 million recorded in 2019. In 2021, we remain committed to expanding our digital banking footprint further, supporting more businesses, maximizing shareholder value, and partnering with both private and public sector stakeholders to boost the growth of the economy.
