Fidelity Bank Plc has received a significant boost from global credit rating agency, Fitch Ratings, which recently upgraded the bank’s National Long-Term Rating to ‘A+(nga)’ from ‘A(nga)’. The agency also affirmed the bank’s Long-Term Issuer Default Rating (IDR) at ‘B’.
The upgrade, announced on May 29, 2025, reflects Fidelity Bank’s strengthened capital base and improved profitability. According to Fitch, the bank’s recent capital raise, via a successful rights issue and public offer, helped bolster its financial position. Higher interest income and a stable, low-cost deposit base also contributed to the bank’s positive performance.
Reacting to the news, Fidelity Bank’s MD/CEO, Dr. Nneka Onyeali-Ikpe, described the rating as a vote of confidence in the bank’s strategy. “This upgrade by Fitch Ratings affirms the resilience of our business model and the strength of our risk management. We remain focused on delivering sustainable value to our stakeholders,” she said.
Fitch also cited Fidelity’s solid capital position as a key driver for the upgrade. The bank’s Fitch Core Capital (FCC) ratio stood at 29.9% at the end of 2024, well above regulatory requirements. With further capital raising plans underway, the bank is on track to meet the Central Bank of Nigeria’s ₦500 billion minimum capital requirement for international banks.
As Nigeria’s sixth-largest bank, Fidelity commands about 5% of total sector assets. It also boasts one of the highest proportions of low-cost deposits in the industry, 93% as of year-end 2024.
This upgrade is expected to further boost investor confidence as the bank continues expanding its operations locally and internationally.
Fidelity Bank serves over 9.1 million customers through digital platforms, 255 business locations across Nigeria, and its UK subsidiary, FidBank UK Limited.
The bank has also been recognized with numerous awards in 2024, including:
Excellence in Digital Transformation & MSME Banking – BAFI Awards
Most Innovative Mobile Banking App – Global Business Outlook
Most Innovative Investment Banking Service Provider – Global Brands Magazine
Best Bank for SMEs in Nigeria – Euromoney Awards
Export Financing Bank of the Year – BAFI Awards
Fidelity Bank continues to solidify its position as one of Nigeria’s most resilient and customer-centric financial institutions.
