Fidelity Bank Gets E-Commerce Platform License | Independent Newspapers Limited
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Banking & Finance

Fidelity Bank Gets E-Commerce Platform License

Electronic Commerce
Posted: Aug 19, 2016 at 2:59 pm   /   by   /   comments (0)

The Central Bank of Nigeria (CBN) has granted Fidelity Bank Plc final license to operate electronic commerce services in Nigeria.

With this current development, the lender, according to a statement, is currently positioned to empower Micro Small Medium Enterprises (MSMEs) in line with its strategic business objectives, through the provision of an advanced electronic commerce platform.

The Fidelity GreenMall, the lender said the platform is an online marketplace with fully integrated e-commerce capabilities for online payments, delivery logistics, advertising, and business networking opportunities, amongst others.

Managing Director/Chief Executive Officer, Fidelity Bank Plc, Nnamdi Okonkwo said, “We have always seen access to markets as critical success factor in our quest to deepen our MSME service offering.

With this approval and given the rapid increase in Internet penetration, we see an exciting opportunity to further open up new markets for MSMEs using technology.”

He said the apex financial regulatory agency’s decision to grant Fidelity full license to rollout electronic commerce services was driven specifically by the Bank’s unique approach to financial inclusion.

The Fidelity boss noted that many MSMEs lack requisite expertise and capacity to manage an online store thereby making it difficult for them to make sales.

Okonkwo, however expressly acknowledged the various constraints that hamper growth of MSMEs such as concerns about MSMEs’ funding constraints, poor record keeping, lack of requisite technology tools and epileptic power supply in the country.

He however, advised small businesses to take advantage of the online platform to boost their revenues and income by trading on local and international arena.

“We want to raise the level of competitiveness of Nigerian MSMEs in a global market”, he said.


Bamidele Ogunwusi,