Fitch Ratings has affirmed Fidelity Bank Plc’s credit rating at ‘B-‘ with a stable outlook, according to its recent report. The global rating agency also
Fitch Ratings has affirmed Fidelity Bank Plc’s credit rating at ‘B-‘ with a stable outlook, according to its recent report.The upgrade reflects improvement in the bank’s local-currency funding profile, evidenced by the increase in the share of low-cost current and savings accounts in customer deposit base to 87.1% at the end of Q1 2023 from 75% in 2021.
In Nigeria, banks continue to contend with US dollar shortages and the Central Bank of Nigeria’s highly burdensome cash reserve requirement.
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