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 rating action, announced on May 29, 2025, reflects the bank’s strengthened capital buffers, sustained earnings growth, and prudent risk management.
The upgrade follows Fidelity Bank’s recent successful capital-raising initiatives, including a rights issue and public offer, which significantly enhanced its capital base.
According to Fitch, the bank’s Fitch Core Capital (FCC) ratio improved to 29.9% at the end of 2024, well above the regulatory minimum and among the highest in the Nigerian banking industry.
Fitch noted that the enhanced capital position, combined with improved profitability and a stable deposit base, supports the bank’s creditworthiness and growth trajectory.
The rating agency also cited 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 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)—one of the strongest deposit structures in the Nigerian banking industry.
Fitch highlighted Fidelity Bank’s strong market positioning, ranking it 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 increasing digital banking footprint were also cited as supporting factors in the rating decision.
The rating upgrade is expected to enhance investor confidence and support the bank’s capital market activities, including ongoing efforts to scale its operations locally and across key international markets.
Fidelity Bank serves a customer base of over 9.1 million through 255 business offices in Nigeria and a United Kingdom subsidiary, FidBank UK Limited. The bank has consistently demonstrated resilience and adaptability in the face of market volatility, earning multiple recognitions for innovation, SME support, and digital transformation.
Recent awards include the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay BAFI Awards, Most Innovative Mobile Banking Application by Global Business Outlook, and Best Bank for SMEs in Nigeria by Euromoney.
As regulatory and macroeconomic pressures continue to shape the Nigerian banking landscape, Fidelity Bank’s rating upgrade underscores its strong fundamentals, capital adequacy, and operational soundness, positioning it to capture future growth opportunities across retail, commercial, and investment banking segments.
