Fitch Upgrades Fidelity Bank’s National Rating to ‘A+(nga)’, Affirms Long-Term IDR at ‘B’

Global credit rating agency, Fitch Ratings, has affirmed Fidelity Bank Plc’s Long-Term Issuer Default Rating (IDR) at ‘B’ and upgraded its National Long-Term Rating to ‘A+(nga)’ from ‘A(nga)’. The upgrade, as reported by Newslens NG, reflects the bank’s strengthened capital buffers and consistent improvement in profitability—underscoring the positive trajectory of its performance and financial stability.

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According to Fitch, the rating upgrade is supported by Fidelity Bank’s successful capital raising through a rights issue and public offer, alongside a significant rise in profitability driven by higher interest income and a stable base of low-cost current and savings deposits.

Reacting to the announcement, Managing Director and Chief Executive Officer of Fidelity Bank, Dr. Nneka Onyeali-Ikpe, stated:

> “This upgrade by Fitch Ratings is a strong validation of our resilient business model, prudent risk management practices, and our steadfast commitment to delivering sustainable value to our stakeholders. Despite a challenging macroeconomic landscape, we have continued to deliver strong asset quality, solid profitability, and ample liquidity. This recognition affirms our status as one of Nigeria’s most resilient and customer-centric financial institutions.”

A key factor driving the improved rating is the bank’s strong capitalization. Fitch noted that Fidelity’s Fitch Core Capital (FCC) ratio climbed to 29.9% at the end of 2024—well above regulatory requirements. The agency also highlighted the bank’s ongoing capital raising efforts aimed at meeting the Central Bank of Nigeria’s ₦500 billion minimum capital threshold for international banks ahead of the 2025 deadline.

Fidelity Bank continues to maintain a solid market position. As the sixth-largest bank in Nigeria, it holds approximately 5% of the total assets in the country’s banking sector. Its balance sheet is supported by a strong base of low-cost deposits, which constituted an impressive 93% of total deposits as of year-end 2024—among the highest in the industry.

The affirmation and upgrade by Fitch are expected to bolster investor confidence and support Fidelity Bank’s strategic growth ambitions both domestically and internationally.

Recognized as one of Nigeria’s top-tier financial institutions, Fidelity Bank Plc is a full-service commercial bank serving over 9.1 million customers through its digital platforms, 255 business offices across Nigeria, and its UK subsidiary, FidBank UK Limited.

The bank’s commitment to innovation and customer satisfaction continues to earn accolades. In 2024, Fidelity Bank received several prestigious awards including:

Excellence in Digital Transformation & MSME Banking at the BusinessDay Banks and Financial Institutions (BAFI) Awards

Most Innovative Mobile Banking Application for the Fidelity Mobile App by Global Business Outlook

Most Innovative Investment Banking Service Provider by Global Brands Magazine

Best Bank for SMEs in Nigeria by Euromoney Awards for Excellence

Export Financing Bank of the Year by BAFI Awards