Fidelity Bank Plc says it will partner the Auto Spare Parts and Machinery Dealers’ Association with a new banking product that will boost lending.
Nnamdi Okonkwo, the bank’s Chief Executive Officer, disclosed this on Thursday at the bank’s stakeholders meeting with ASPMDA executives at the International Trade Fair complex, Lagos.
Okonkwo said the product was in line with the bank’s commitment to ensuring easier access to financial services to enhance lending and financial inclusion.
He said the bank would unveil a special banking product, tagged: ASPMDA Traders Support Facility,” to meet the needs of the traders.
Okonkwo said the product, to be launched on August 1, would make it easier for traders to access loans from the bank through the association.
He noted that the product would enable eligible traders to access loans with less stringent collateral to be endorsed by the association’s executives.
He said: “The stakeholders meeting was basically to deepen the bank’s customer engagement.
“Fidelity was the first bank to establish a branch in this complex at ASPMDA.
“We have a very strong relationship and we come out here occasionally to know how we are doing in terms of meeting their needs.
“An important component of this engagement is to ask them how we can serve them better.
“They unveiled a need, and right there we created a product which we will be unveiling on August 1 to address that need.
“If we did not come out here, there is no way we will stay in our head office and understand their needs.
“So, one key component of this engagement is to be able to develop market specific product for these people.
“That is what we have done today.
“We are very happy that they were able to explain their needs to us and we have immediately created ASPMDA specific product, which will be launched on August 1.”
Okonkwo promised that the bank would continue to support ASPMDA to address its challenges in the years ahead.
Okonkwo said the product would also be extended to Association of Progressive Traders of Nigeria, also within the International Trade Fair complex.
The chief executive officer said the bank would also strengthen security in the market with the provision of a security van to address its security challenges.
Okonkwo promised that the van would be delivered to the market before the end of June.
He said the bank would partner with the Lagos State Government to ensure ease of doing business for all traders at the International Trade Fair complex.
The ASPMDA President, Chief Daniel Offorkansi, commended the bank for its gesture and assured of the traders’ support to ensure lasting partnership.
Offorkansi said: “Fidelity Bank has been with us and they bailed us out when we had issues with a particular bank in the past.
“We are happy with what was promised to us and we are assured that henceforth the modalities in which we are going to use to solve security issues will kick off.”
He also appreciated the loan product facility to be launched for the traders on August 1.
He said: “I am not surprised with what was given and what was promised to us as regards the Trader-Loan support facility, because I believe they will keep to their promise.
“We will continue to work as a team so that both parties can grow from strength to strength.”