By Amaka Ifeakandu
Lagos
Fidelity Bank Plc has set a new target to grow its loan to an average of 15 – 20% annually between 2014 and 2016.
Chief executive officer of the bank, Mr Nnamdi Okonkwo, disclosed this in Lagos while addressing dealing members at the Nigerian Stock Exchange (NSE), saying that the bank will grow consumer loan to 10 per cent of the total loans.
Okonkwo however said that the bank would continue to drive the growth of payroll loans as it builds a dedicated retail lending and collections technology platform.
Fidelity bank boss also said that the management planned to invest in manufacturing enterprises with export potentials to enhance the profitability of the bank.
Other areas of the bank’s interest include focusing on clusters and partnerships to drive businesses at the micro segment of the pyramid, engaging with other reputable facilitators of small and medium scale enterprises (SMEs) to position the bank as a bank of choice of SMEs.
The relationship with SMEs according to him would impact positively on the volume of transaction origination.
On the bank’s mid-term strategic plan, he said Fidelity will diversify earnings base by developing new products and selling franchised products particularly in e-banking, deploy customer relationship management system and business analytics tools to gain deeper customer insights and increased penetration ratio for the bank’s branded retail and electronic products.
Highlighting some of the bank’s long term strategies he said we will continuously expand distribution capacities in targeted markets to maintain a leading position. “Provide unrivalled customer service based on deep segment experience and solid technological distribution base and build strong consumer finance, offering distributed through a wider traditional electronic platform.