Skip to main content

CBN grants Fidelity Bank e-commerce platform licence


The Central Bank of Nigeria (CBN) has granted Fidelity Bank Plc, one of the nation's highly diversified financial institutions final licence to operate electronic commerce services in Nigeria.
With this current development, the Bank 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.
Click Here!
Aptly named 'The Fidelity Green Mall', the Bank 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.
In a statement by the Bank,  the Managing Director/Chief Executive Officer, 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.'
According to him, the apex financial regulatory agency's decision to grant Fidelity full licence 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.
Okonkwo pointed out that e-commerce had gained recognition in national and international trade, disclosing that the bank plans to strengthen the level of participation of Nigerian SMEs in global e-commerce sales.
According to international statistics portal (Statista.com), the retail e-commerce sales worldwide amounted to $1.67 trillion in 2015.
With the projected value of e-commerce in Nigeria expected to hit $13 billion by 2018, according to the CBN, the Fidelity helmsman pointed out that the online platform offers ample opportunity for perceptive businesses to explore and tap into in order to garner more market share.
He noted that the online platform fosters linkages to multilateral agencies and organisations to enable MSMEs explore export markets or franchising opportunitiesCBN grants Fidelity Bank e-commerce platform licence

Popular posts from this blog

Steps On How Not To Run Out Of Money Before You Run Out Of Time

Do you find out that your monthly pay and/or pension payouts are not enough to reasonably sustain you? What about your monthly Social Security check? Do you notice that even with all the scrimping and saving you did as a young whipper snapper, you now spend beyond your means? If so, you are not alone. According to a survey conducted by Indexed Annuity Leadership Council, 25 percent of Americans are worried they will outlive their income. Perhaps, like many other people, you didn’t prepare for your golden years as well as you probably should have. Maybe you invested well, but then—right out of left field—you lost big in September, 2008, when the stock market crashed. Perhaps your nest egg was completely depleted or it took you up until now to recover . . . or maybe you haven’t recovered from the loss. The economy is constantly changing and the stock market is a total crapshoot; it’s not easy to keep up with the signs of the times. (It’s even more trying to keep up with the Jo...
Read more

Possible keys to Improving Your Attitude

Possible keys to Improving Your Attitude An Attitude can be defined as the manner,   disposition,   feeling,   position,   etc.,   with   regard   to   a  person   or   thing;   tendency   or   orientation,   especially   of   the mind : Attitude can also be described as the way you think about yourself or somebody else. An individual’s attitude is developed from their own internal feelings and thoughts,   and is inherent in each person’s unique behavior. Considering this, attitude can be a result of both personal experiences and observed experiences of others. These can be influenced by social roles and norms. The conclusions that are drawn from each and every experience influence each individual’s  beliefs  and behaviors. The interesting thing is that, these  attitudes can change and improve.  Everyone feels good when they are praised for showing a positive...
Read more

Tonto Dikeh Reveals Separation From Husband, Churchill Olakunle

Nollywood actress, Tonto Dikeh has revealed she and her husband, Churchill Olakunle are no longer together and he has not called to check up on her and their son since she left. She wrote; “Dear ‘concerned’ fan, Good day. How are you and your family? My regards, love and greetings to them. Now to address a little bit of your letter, firstly I say I do appreciate your concern. Then I move on to say thank you. When a woman leaves her husband, she takes her child because absolutely nothing else matters to her but the child. This is what I did and I happily give all access for his father to see him. Now my question to you is that did your source also tell you that he has never called for once to Ask how his son is doing? I will admit, I personally blocked his access to me for the sake of my emotional stability. But nonetheless he has the nannys no, my assistants contact,my part time helps number, and many other mediums of reaching the son your source claims I “took away”. He co...
Read more