Fidelity Bank Pioneers Agency Banking In Ghana

With the approval of the Bank of Ghana, Fidelity Bank has contracted third party retail networks called Fidelity Smart Agents to provide services on its behalf. Fidelity Smart Agents are your local neighbourhood convenience shops, pharmacies, supermarkets and utility payment vendors. Commenting on this revolutionary initiative, the Managing Director of Fidelity Bank, Mr Edward Effah, noted that the bank strongly believe in supporting the unbanked and under-banked to enjoy the full benefits of banking products and services with the objective of promoting financial inclusion in Ghana. In order to use any of the Fidelity Smart Agents, one needs to open a Fidelity Smart Account. The Fidelity Smart Account is designed to provide a full bank account in less than 5 minutes and offers clients the opportunity to have both a current and a savings account. One requires only one piece of documentation, any valid Ghanaian ID to open an account. This development, approved by the Bank of Ghana, is a significant improvement over the often non-existent multiple documentation that clients have to provide. The Fidelity Smart Card which uses the secure chip and pin technology allows account holders immediate access to services provided by Fidelity Smart Agents, as well as all ATMs which are on the GHlink, including Fidelity Bank ATMs. They can also transact at any of their dedicated e-tellers points at Fidelity branches. Account holders also have full internet banking access and a mobile phone application to enable easy access to their account. Account holders can withdraw and deposit money; check balances and request mini statements pay utility bills, top up credits on their mobile phones and conduct cardless transactions by transferring money to friends and family via their mobile phones. The vision of Fidelity Agency Banking is to promote financial inclusion by ensuring that anyone who wants to be banked can receive a full bank account, offering a full range of services through a variety of agents. This pioneering move is part of Fidelity Bank’s financial inclusion strategy to provide financial services to all. In order to drive this agenda, Fidelity Bank has set up its new financial inclusion department. According to the Director for Financial Inclusion, Dr. William Derban, the Bank has set out its strategy by defining financial inclusion as having three key components, namely the provision of high quality financial products and services through a range of providers; providing the education, information and advice necessary to ensure that clients know how to use the financial services and ensuring that the lives of the clients are improved when they access financial services.