Mr Atta Yeboah Gyan, Deputy Managing Director of Fidelity Bank addressing the Kumasi Media
Fidelity Bank Commits To Work On Customer Concerns.
The Deputy Managing Director (DMD) at Fidelity Bank, Mr Atta Yeboah Gyan has underscored the importance of opening up to the media to get feedback on concerns and challenges customers may have.
Interacting with news editors and senior reporters from some selected media outfits in the Ashanti Region on Friday, Mr Gyan noted that the Bank’s open door policy underscored the importance it places on fostering strong relationships with the Ghanaian media.
“You are not just observers but key stakeholders in our journey, helping us shape the narrative of our achievements, challenges, and aspirations. Your insights, feedback, and coverage are vital as we strive to meet the needs of our customers and the broader Ghanaian community”, the Deputy Managing Director stated.
Historical Background:
The Deputy Director narrated how Fidelity Bank which started as a discount house had now grown to become a giant in the banking industry in Ghana 🇬🇭.
He said Fidelity Bank’s story began in 1998 when it started as a discount house but by 2006 it transitioned into a universal bank, marking the beginning of a journey filled with significant milestones.
He stated as at today, Fidelity could proudly stand as the largest privately-owned Ghanaian bank, adding that as of 2023, it was the fifth largest bank in Ghana by assets.
“This achievement is not just a testament to our growth but also to our commitment to serving the people of Ghana”, Mr Gyan stressed.
Expanding Access:
The Deputy MD mentioned that Fidelity Bank had made significant strides in expanding financial access across Ghana.
He disclosed that in just over 18 years, the bank has grown its branch network to 81, including 16 in Ashanti, bringing banking closer to its customers.
He said the Bank’s innovative Smart Account and extensive agency network, boasting over 6,000 agents nationwide, have empowered over 1.5 million people, driving deposit growth exceeding half a billion cedis.
“Digital innovation is at the core of our strategy. Our WhatsApp banking assistant, Kukua, has revolutionized customer interactions, serving over 200,000 users and offering a range of services from account opening to bill payments. We’re excited to announce the upcoming launch of a digital loan product accessible through Kukua, further expanding financial access”, Mr Gyan explained.
Navigating Challenges:
Mr Gyan spoke about some turbulence in the Banking sector, noting that the challenges had impacted the banking industry, particularly in recent times.
He stated that the aggressive debt restructuring plan announced by the Government of Ghana brought unprecedented challenges, leading to significant impairment losses across the sector.
Fidelity Bank, the DMD said was no exception to the turbulence, yet through resilience it was able to go through same.
“As evidenced in our AGM 2023, we turned a loss of GH¢518 million in 2022 into a profit of GH¢1.17 billion in 2023. Our total assets grew by 25%, reaching GHS 17.22 billion, while our shareholder funds increased by 119%, standing at GHS 1.44 billion. Our Capital Adequacy Ratio (CAR) also improved from 16.8% in 2022 to 20.9% in 2023, reflecting our strong capitalization”, the DMD indicated.
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