Global credit rating agency Fitch Ratings has affirmed Fidelity Bank Plc’s Long-Term Issuer Default Rating (IDR) at ‘B’ and upgraded its National Long-Term Rating to ‘A+(nga)’ from ‘A(nga)’.
The upgrade, announced on May 29, 2025, reflects the bank’s strengthened capital buffers and improved profitability, signaling continued positive momentum in its performance.
According to Fitch, the rating improvement is underpinned by Fidelity Bank’s successful capital raise through a rights issue and public offer, alongside a notable rise in profitability, driven by higher interest income and a stable base of low-cost current and savings deposits.
Commenting on the development, Managing Director/CEO of Fidelity Bank, Dr. Nneka Onyeali-Ikpe, stated:
“This upgrade by Fitch Ratings affirms the resilience of our business model, the strength of our risk management practices, and our unwavering focus on delivering sustainable value to stakeholders.
Despite a challenging macroeconomic environment, we have continued to maintain strong asset quality, solid profitability, and ample liquidity.
This recognition reinforces our position as one of Nigeria’s most resilient and customer-focused financial institutions.”
One of the key drivers of the upgrade is robust capitalization. According to Fitch, Fidelity’s Fitch Core Capital (FCC) ratio rose to 29.9% at the end of 2024, well above the regulatory minimum. The agency added that additional capital raising efforts are underway to meet the ₦500 billion minimum capital requirement for internationally licensed banks before the 2025 deadline.
Market Position & Deposit Strength
Fidelity Bank maintains a strong market position. As Nigeria’s sixth-largest bank, it commands approximately 5% of total banking sector assets. Its balance sheet is bolstered by a high share of low-cost deposits, which accounted for 93% of total deposits as of year-end 2024, one of the highest in the Nigerian banking sector.
The affirmation and upgrade by Fitch are expected to enhance investor confidence and support Fidelity’s continued efforts to scale operations locally and internationally.
Ranked among Nigeria’s top banks, Fidelity Bank Plc is a full-service Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, 255 business offices in Nigeria, and its UK subsidiary, FidBank UK Limited.
Recent Awards & Recognition
Fidelity Bank has received multiple accolades, including:
- 2024 Excellence in Digital Transformation & MSME Banking – BusinessDay BAFI Awards
- 2024 Most Innovative Mobile Banking App – Global Business Outlook
- 2024 Most Innovative Investment Banking Service Provider – Global Brands Magazine
- Best Bank for SMEs in Nigeria – Euromoney Awards for Excellence
- Export Financing Bank of the Year – BusinessDay BAFI Awards
