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Fidelity Bank to create ASPAMDA traders support facility

By Elizabeth Adegbesan

FIDELITY Bank Plc has promised to create a special support facility for traders in the ASPAMDA market.

Managing Director/Chief Executive Officer, Fidelity Bank, Nnamdi Okonkwo, disclosed this at a meeting with ASPAMDA market leaders in Lagos.

According to Nnamdi, the meeting was in line with the banks’ customers engagement calendar.

He said: “We are basically here today in keeping with our customer engagement calendar. The same way we go out to London, to Boston or Chicago to engage our bondholders, foreign investors who have invested in the bank is the same way we have a calendar that guides how often or frequently we go out to engage our customers.

Fidelity Bank'
 Fidelity Bank

“One of the reasons we came here today, first and foremost is to thank you because when I look at our balance sheets in the bank, I see the significant contribution, ASPAMDA, APT, and Balogun Business Association, BBA, are making to the progress of Fidelity Bank. We just came here to thank you and to also hear from you which way we can improve our services to you.”

Speaking on the needs of traders, the President of ASPAMDA traders, Chief Daniel Okazi, said the traders are in need of easy access and processes to acquiring loans from the bank while the President of APT, Chief Ifeanyichukwu Udechukwu, said the market was in need of a secretariat and a clinic.

In response, Okonkwo promised to support the traders with a security van and a loan facility named ASPAMDA Traders Support Facility which is to become effective on August 1, 2019.

Also speaking, Nneka Onyeali-Ikpe, Executive Director, Commercial & Consumer Banking, Lagos & South-West, Fidelity Bank, said: “What we have promised today is that we are going to ensure that we put together a product that would be tailored specifically to the needs of this market which we have named ASPASMDA Traders Support Facility and we will be unveiling it on August 1, 2019 to address that need. The facility is going to be tailored in such a way that we will extend the facility based on the association’s guarantee that they will take care and make sure that the monies are returned.”

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