Fidelity Bank to Launch Special Facility for Auto Traders

Nnamdi Okonkwo

Peter Uzoho

Fidelity Bank Plc has disclosed plan to launch a special business support facility for traders under the umbrella of Auto Spare Parts and Machines Dealers Association (ASPAMDA) and Association of Progressive Traders (APT), both located at the Lagos International Trade Fair Complex, Ojo.

The Managing Director and Chief Executive Officer of Fidelity Bank, Mr. Nnamdi Okonkwo, stated this yesterday during the bank’s customer engagement meeting with the traders at the complex.

Okonkwo, explained that the product named ‘ASPAMDA Traders Support Facility,’ to be unveiled on August 1, 2019, was aimed at addressing the traders’ market specific needs, stressing that they constitute a significant part of the bank’s balance sheet.

“We created a product which we will be unveiling in August. If we didn’t come out here, there is no way we are going to sit in our head office in Victoria Island and understand their needs.

“So, one key component of this engagement meeting is to be able to develop market-specific products for this people. That is what we have done today, and we are very happy that they were able to explain their needs to us and we have immediately created an ASPAMDA specific product,” Okonkwo noted.

Okonkwo, also announced that the bank would be donating two security patrol vehicles, each to both ASPAMDA and APT before end of June 2019, to help address security needs in the market.

The MD, however, added that the meeting was to keep with the bank’s customer engagement calendar with the traders same way they do with their bond holders and investors outside the country.

“ASPAMDA as you know, Fidelity was the first bank that established a branch in this ASPAMDA location. So we have very strong relationship and we come out here occasionally to know how we are doing in terms of meeting their needs, and an important component of this engagement is to ask this people how can we serve you better.

“Wherever you do business, you impact the society and that is why, right there, we made some promises and we will be delivering those promises before the end of June. Security is a key component here and we will be giving them security vehicles which we deliver before the end of June and other needs they may have from time to time,” he added.

In his response, the President of ASPAMDA, Chief Daniel Oforkasi, thanked Fidelity Bank for the kind gesture, saying the bank would remain the number one bank as far as the union was concerned.

“I want to assure them that things are going to change for good. I believe strongly that they will do all they have promised. There was a time we had a serious problem with the Standard Trust Bank involving huge amount of money, they came to our aid and bailed us out. So, this one is a minor thing to them. If other banks can emulate this Fidelity Bank and be doing things like this, I believe things we work fine,” Oforkasi said.