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Home Opinions Blurb

Fidelity Bank Plc must cover the chink in its curtains to keep rising 

Ekene Onyeama by Ekene Onyeama
November 23, 2020
in Blurb, Exclusives, Spotlight
Fidelity Bank Plc

Nnamdi Okonkwo, CEO, Fidelity Bank

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The Nigerian banking sector has consistently been one of the most profitable sectors in the Nigeria Stock Exchange market. However, in 2020, Deposit Money Banks (DMBs) have faced a flurry of impediments, which may have affected their solidity.

With reduced income from fee and commission implemented at the start of the year by the Central Bank of Nigeria, the paucity of foreign currency for international transactions, the resulting economic contraction from dire effects of the coronavirus pandemic, and the consequent operational constraints of keeping employees safe, 2020 is obviously fraught with numerous disorders for banking institutions.

 

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