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 upgrade, announced on May 29, 2025, reflects the bank’s enhanced capital position and strong financial performance, signaling continued stability and growth.
Fitch attributed the improved rating to Fidelity Bank’s successful capital raise through a rights issue and public offer, alongside a notable rise in profitability. The bank’s earnings have been supported by robust interest income and a stable base of low-cost deposits, primarily from current and savings accounts.
Commenting on the development, Fidelity Bank’s Managing Director/CEO, Dr. Nneka Onyeali-Ikpe, said, “The upgrade from Fitch Ratings is a testament to the resilience of our business model, the strength of our risk management framework, and our commitment to delivering sustainable value to stakeholders. Despite the challenging macroeconomic environment, we have maintained strong asset quality, consistent profitability, and sound liquidity. This recognition reinforces our position as one of Nigeria’s most resilient and customer-centric banks.”
Fitch highlighted the bank’s solid capitalization as a key factor behind the rating upgrade. Fidelity’s Fitch Core Capital (FCC) ratio rose to 29.9% by the end of 2024—well above regulatory requirements. The agency also noted that Fidelity’s capital-raising initiatives position the bank to meet the ₦500 billion minimum capital requirement for international banks by the 2025 deadline.
Fidelity Bank’s market presence remains significant, ranking as Nigeria’s sixth-largest bank by total assets, with approximately 5% market share. As of December 2024, low-cost deposits accounted for 93% of total deposits, among the highest in the sector, supporting the bank’s strong funding profile.
Fidelity Bank serves over 9.1 million customers across Nigeria and through its UK subsidiary, FidBank UK Limited. Its commitment to innovation and service excellence has earned it several awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay, the 2024 Most Innovative Mobile Banking Application award by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Fidelity was also named the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and Export Financing Bank of the Year by BusinessDay.
The upgrade by Fitch is expected to strengthen investor confidence and support Fidelity Bank’s ongoing efforts to scale its operations both domestically and internationally.
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