Fidelity Bank closes over $100m deals in Cairo

Fidelity Bank has made its presence at the Intra Africa Trade felt by successfully midwifing and securing financial deals fro its customers. The Bank came into the the fair with 20 exporters. Leveraging on its high retail banking base and buoyed by an increasing Small,  Medium and Small scale enterprise clientele base, the bank closed deals with various trade partners running into $100 million within this exhibition period in Cairo. It said that at now the bank export financing has jumped from about $10 million to $105 million. The bank export initiative is driven by advisory services, capacity building and market access.

Nneka Onyeali-Ikpe, Executive Director of the bank said these to to the media amidst a flowing volume of visitors at the bank’s stand. The deal which offers the bank very impressive finance and advisory roles for the export and import market within and outside Africa is believed to have been some of the highest volume of deals closed by any Nigerian bank at the trade exhibition, even as the close of the fair is still some few days away. It was also observed that the bank is the  only Nigerian bank with a strong presence at the fair, apart from development finance institutions, that sponsored about ten of its customers to the fair with the aim of further empowering them psychologically to  begin to look into the global  trade space as a prelude to growing their business skills.

According to Onyeali-kpe, governments in Africa have tried to facilitate this exhibition but must strive to enliven more serious infrastructure through which trade can flourish in the region. She noted that because technology drives trade, it is more important that relevant facilities must be put in place. She noted that an effective transformation of Africa must be achieved when a strong and structured trade opportunities involving huge amount of money. is in place. She urged government to look into the road networks linking the major ports so that most export materials driven to the various ports do not over study before final shipping. According to one of the exhibitors brought to the fair by Fidelity Bank, Frank Onyebu, the participation has given him a bigger spectrum of the size of the market.