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Banks must strategise to face challenges – Fidelity Bank MD

Consequently, he revealed that Fidelity Bank has designed strategies to remain relevant in the industry.Speaking on the CNBC Africa Power Lunch West Africa programme, Okonkwo…

Consequently, he revealed that Fidelity Bank has designed strategies to remain relevant in the industry.
Speaking on the CNBC Africa Power Lunch West Africa programme, Okonkwo recalled that similar thing happened in the industry over 24 years ago, saying that banks then braced to meet the challenge.
According to him, the Federal Government in 1990 withdrew public sector funds from the banking sector and moved them to the Central Bank of Nigeria (CBN), noting “that created some serious liquidity challenges.”
He maintained that in terms of liquidity, if the CBN did not have control of the fiscal side, it will employ all monetary tools at its disposal to stabilize the situation.
Okonkwo stated that Fidelity Bank will be doing things differently by raising the standard of retail banking.  
He said: “For us what gets measured, gets done. We have rejigged our strategy a little bit to use the channels that we have built to continue to amass and build the critical mass of low cost deposits that would act as further buffer from the turbulence that we saw in the system.”

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