Fidelity Bank, a tier 2 Nigerian bank with ₦5.3 trillion ($3.3 billion) in consumer deposits, has drastically reduced its fraud-related losses by 88%, amounting to ₦457 million in the first half of 2024. This is a significant drop compared to the ₦3.8 billion recorded in December 2023. The bank’s recent financial statement highlights this positive shift, marking a major improvement after facing previous fraud challenges.
The bank has not yet responded to requests for comment on this development.
In 2022, Fidelity Bank was involved in a major fraud case where employees stole ₦874 million. In response, the bank introduced several anti-fraud measures, including restricting certain neobanks with weak KYC protocols.
This reduction in fraud losses underscores the bank’s dedication to responsible banking practices and risk management in the financial services sector.
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Despite the earlier fraud concerns, Fidelity Bank achieved remarkable financial success in the first half of 2024. The bank’s profits surged from ₦61 billion to ₦159 billion, driven by strong revenue growth and increased customer activity.
Fidelity Bank’s UK subsidiary, FidBank UK, also saw a significant turnaround. After a loss in 2023, the UK unit posted a profit of ₦1.2 billion in H1 2024, doubling its revenue and receiving ₦5.1 billion in additional capital from its parent company. Fidelity Bank’s total investment in the UK subsidiary now stands at ₦68 billion.
