By [Kamal Yalwa]
Global credit rating agency, Fitch Ratings, has upgraded Fidelity Bank Plc’s National Long-Term Rating to ‘A+(nga)’ from ‘A(nga)’, while affirming its Long-Term Issuer Default Rating (IDR) at ‘B’.
The upgrade, announced on May 29, 2025, reflects the bank’s strengthened capital buffers, sustained earnings growth, and prudent risk management practices.
According to Fitch, Fidelity Bank’s Fitch Core Capital (FCC) ratio improved to 29.9% at the end of 2024, significantly above the regulatory minimum and one of the highest in Nigeria’s banking industry. The rating agency cited the bank’s robust capital base, improved profitability, and stable deposit structure as key factors driving the upgrade.
The development comes on the back of successful capital-raising initiatives by Fidelity Bank, including a rights issue and a public offer, which boosted its capital base. Fitch also noted expectations of further capital inflows ahead of the Central Bank of Nigeria’s (CBN) N500 billion minimum capital requirement deadline for international banks in 2026.
Commenting on the development, Dr. Nneka Onyeali-Ikpe, Managing Director/Chief Executive Officer of Fidelity Bank Plc, said:
“This upgrade by Fitch Ratings affirms the resilience of our business model, the strength of our risk management practices, and our unwavering focus on delivering sustainable value to stakeholders. Despite a challenging macroeconomic environment, we have continued to maintain strong asset quality, solid profitability, and ample liquidity.”
Fidelity Bank recorded improved earnings in 2024, driven by higher net interest income and efficiency in deposit mobilization. As of year-end 2024, 93% of the bank’s total deposits were low-cost current and savings accounts (CASA), reflecting one of the strongest deposit structures in the Nigerian banking industry.
Fitch also ranked Fidelity Bank as the sixth-largest bank in Nigeria by total assets, controlling approximately 5% of the industry’s asset base. The bank’s well-diversified funding profile, robust risk controls, and expanding digital banking footprint further supported the positive rating action.
The rating upgrade is expected to enhance investor confidence and support the bank’s capital market activities, including efforts to expand its operations locally and across key international markets.
Fidelity Bank currently serves over 9.1 million customers through 255 business offices in Nigeria and its UK subsidiary, FidBank UK Limited. The bank has earned multiple recognitions for innovation, SME support, and digital transformation, including:
- Excellence in Digital Transformation & MSME Banking Award by BusinessDay BAFI Awards (2024)
- Most Innovative Mobile Banking Application by Global Business Outlook
- Best Bank for SMEs in Nigeria by Euromoney
As regulatory and macroeconomic pressures continue to shape the Nigerian banking landscape, Fidelity Bank’s improved rating underscores its strong fundamentals, capital adequacy, and operational resilience—positioning it to capture future growth opportunities across retail, commercial, and investment banking segments.
