Agusto & Co. Affirms Fidelity Bank’s ‘A’ Rating, With A Stable Outlook

Pan-African credit rating agency, Agusto & Co. has affirmed the ‘A’ rating assigned to Fidelity Bank Plc and assigned an ESG score of ‘2’ in reflection of the agency’s view that environmental, social, and governance issues have minimal contribution to the Bank’s credit rating.

According to a statement on the Agusto & Co. website, “The rating reflects Fidelity Bank’s improved profitability, strong ability to refinance, adequate capitalization and low level of impaired credits.”

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 7.5 million customers serviced across its 250 business offices and digital banking channels. The bank was recognized as the Best Payment Solutions Provider, Nigeria, 2023, and Best SME Bank, Nigeria, 2022 by the Global Banking and Finance Awards. The bank had previously also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

Quoted on the Nigerian Stock Exchange (NSE), Fidelity Bank Plc began operations in 1988 as a Merchant Bank. In 1999, it converted to Commercial Banking and then became a Universal Bank in February 2001.

The current enlarged Fidelity Bank is a result of the merger with the former FSB International Bank Plc and Manny Bank Plc in 2005.