Leading financial institution, Fidelity Bank Plc., has been presented the Straight-Through Processing (STP) Excellence Award by Citigroup. This is in recognition of its excellent operational efficiency in foreign currency payments.
Every year, Citigroup, a leading global bank headquartered in New York and present in more than 160 countries, rewards a select number of banks and financial institutions that showcase the highest rates of efficiency in terms of foreign currency payments. Essentially, STP refers to transactions processed diligently and without human intervention – which results in a more cost-effective and timely process.
Fidelity Bank, which has consistently won the award for several years, successfully achieved an STP rate of 99% for 2020.
However, in a chat with journalists, elated Nneka Onyeali-Ikpe (Mrs.), Managing Director/CEO, Fidelity Bank Plc., said; “This award is yet another affirmation of the significant investments we are making in our Innovation Drive, Performance Discipline, Digital Transformation, Service Excellence and Workforce Transformation as we gun for tier one status as bank by 2025.”
“It is no secret that we go the extra-mile not only to satisfy but to delight our customers and this award clearly shows that. I am grateful to our customers for keeping faith in us and our staff for stepping to the plate to delight them at every opportunity.”
Commenting on the awards, Global Head of Correspondent Banking & Financial Institutions, Bharat Sarpeshkar; and Head of Global Clearing & FI Payments, Mark McNulty both of Citigroup said: “At Citi we aim to deliver stellar service through operational excellence for all our clients. The annual Performance Excellence Award is a prestigious designation presented to the leading financial institutions worldwide which have achieved high rates of STP”.
For those who don’t know, Fidelity Bank was established in 1988. It is a full-fledged commercial bank, with over 5 million customers who are serviced across its 250 business offices in Nigeria and various digital banking channels.
The bank is focused on a servicing a diverse customer base and is rapidly implementing a digital based retail banking strategy which has resulted in exponential growth in savings deposits over the last three (3) years, with 40 percent customer enrollment on the Bank’s flagship mobile/internet banking products.