Fitch Ratings, a leading global credit rating agency, has upgraded Fidelity Bank Plc’s National Long-Term Rating to ‘A+(nga)’ from ‘A(nga)’ and affirmed its Long-Term Issuer Default Rating (IDR) at ‘B’. The upgrade, announced on May 29, 2025, highlights the bank’s strengthened capital buffers and improved profitability.
According to Fitch, the upgrade is supported by Fidelity Bank’s successful capital raise through a rights issue and public offer, alongside improved earnings driven by higher interest income and a stable base of low-cost current and savings deposits.
Commenting on the development, the Managing Director/CEO of Fidelity Bank, Dr. Nneka Onyeali-Ikpe, said the rating upgrade reflects the resilience of the bank’s business model and the strength of its risk management practices.
“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,” Onyeali-Ikpe stated.
Fitch noted that one of the key drivers of the improved rating is the bank’s robust capitalization, with its Fitch Core Capital (FCC) ratio rising to 29.9% at the end of 2024—well above the regulatory minimum. Further capital raising efforts are expected to enable the bank to meet the ₦500 billion minimum capital requirement for internationally licensed banks before the 2025 deadline.
Fidelity Bank remains one of Nigeria’s most formidable financial institutions, ranked as the sixth-largest bank in the country with about 5% of total banking sector assets. The bank’s strong balance sheet is bolstered by its high share of low-cost deposits, which accounted for 93% of total deposits as of year-end 2024—among the highest in the Nigerian banking industry.
This latest rating is expected to boost investor confidence and support the bank’s ongoing efforts to expand its operations locally and internationally.
Fidelity Bank Plc is a full-fledged commercial deposit money bank serving over 9.1 million customers through its digital platforms, 255 business offices across Nigeria, and its UK subsidiary, FidBank UK Limited.
The bank has earned several prestigious awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay BAFI Awards, 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. It was also named Best Bank for SMEs in Nigeria by Euromoney and Export Financing Bank of the Year by BusinessDay BAFI Awards.