FAQ’s

Frequently Asked Questions

A CBN’s initiative to reduce the amount of physical cash in circulation thereby encouraging the use of electronic platforms for settlement or payment for goods and services.

This policy started since April 2012 with Lagos as the pilot location. The second phase commenced on July 1, 2013 with 5 additional states (Ogun, Kano, Rivers, Anambra and Abia) and FCT Abuja. The final phase of implementation that will cover the remaining 30 states will start by July 1, 2014.

There is no limit to the amount that can be paid into any account

– N500,000 for individual accounts
– N3,000,000 for corporate accounts
– N150,000 for third party withdrawals

No value for such cheques can be received through the clearing house or account to account transfer.

No third party withdrawal above N150, 000 over the counter has been banned. Value for such cheques can be received through the clearing house or account to account transfer

No. third party withdrawal above N150, 000 over the counter has been banned. Value for such cheques can be received through the clearing house or account to account transfer

Yes, provided the cheque is opened for cash. The customer should provide the necessary account opening requirement. They can also open other accounts provided they meet the documentation requirements for such accounts.

Yes, a signatory to a Corporate Account is not a third party.

A. No, Payment from Government Accounts to Vendors and Staff ordinarily should be done through E-Payment platforms.

– 3% of any amount in excess of the cumulative daily limit for withdrawals from individual accounts
– 5% of any amount in excess of the cumulative daily limit for withdrawals from Corporate accounts.

Cash withdrawals across the counter and through ATMs

– ATMs
– Point of Sale (POS) Terminals
– Internet banking
– Cheques
– Electronic transfers eg RTGS, NEFT, NIBSS Instant payment, direct debit instructions
– Online Collections via Fidelity paygate/E-Pay and Paydirect
– Mobile Payments (Mobile Money)

No. the policy applies to Naira transactions only

The system automatically takes the cash lite charge from the account as soon as the transactions are posted.

No. all withdrawals will be treated while the applicable charges will be taken on same.

– The essence of the policy is actually to reduce cash transaction and move it to other channels. POS terminals will be deployed to their shops and their customers will make their payments using cards.

– Yes. Micro finance Banks, Primary Mortgage Institutions on their accounts with commercial banks.
– Ministries, Departments and Agencies (MDAs) of Federal and State Governments on lodgements into their Collection Accounts ONLY
– Accounts of Embassies, Diplomatic Missions, Multilateral and Aid Donor Agencies.

This is a naira denominated credit card tailored for customers who have a minimum of 1 year banking relationship with Fidelity Bank.

– Individual/Corporate account holders can access up to N3.2 million.

– ATM withdrawals: 10 times daily with a cumulative transaction limit of N150,000 or its equivalent in any currency if the transaction is done abroad.
– POS/ Web: 20 times daily with a cumulative spend limit of N1,000,000 or its equivalent in any currency if the transaction is done abroad or on international websites.

Cost of Card is free
– Card re-issuance fee due to expiration is free
– Card re-issuance fee due to damage, loss or theft is N2000
– No Annual fees
– No transaction fees on POS and Web
– Monthly Card maintenance fee of N250, N500 and N1000 ( Classic, Gold and Platinum Respectively)
– Monthly interest rate of 2.5% on outstanding balance
– Cash withdrawal fee at ATM (International: N240 + 1% of transaction amount , Domestic : N150 +1%)
– Late payment – N2,000
– PIN Re-issue, Processing Fees – Free
– POS Cash Advance – Free

– Go to the nearest Fidelity Bank branch and make your request

– Duly filled Credit card application form.
– Letter of Charge
– Approved Executive Summary signed off by Regional/Group Head.
– If Individual – executed Personal Guarantee
– If Corporate – executed Corporate Guarantee
– Driver’s License/International Passport/National Identity Card.
– Current Passport Photograph.
– BVN

– Cycle is 45days, statement date is 15th and due date is 28th of every month with a 14 day grace period.
– Repayment is 20% of outstanding balance, due on the 28TH of every month

This is a naira denominated credit card tailored for customers whose salaries are domiciled in fidelity Bank.

– The Credit card can be used at the ATM, POS and Web.
– Use domestically and internationally; anywhere in the world where the VISA logo is displayed

Each customer can access up to 50% of their net monthly salary.

Yes, the Fidelity Visa Naira Credit Card Card comes in Classic, Gold and Platinum Variants.

Your Fidelity is very safe because it has added advantage of Verified by Visa IPIN which ensures that while paying for goods on the internet, ONLY the true owner of a card can authorize payment on the card.

Follow these easy steps next time you’re shopping online to activate your Verified by Visa iPIN.
– Click the ‘CHECK-OUT’ button or the ‘PAY-NOW’ button while shopping.
– Enter your card details as required by the website.
– The VbyV screen appears on the website.
– Enter your card details.
– Enter ID Number as provide in your Credit card application form.
– Enter Date of birth in the format YYYY as year of birth, MM as month of birth, and DD as day of birth.
– Enter Card expiry date as shown on the card in the format YYYY as year of expiration, and MM as month of expiration
– Click the ‘NEXT’ button to input a NEW 4 digit PIN.
– Click the ‘END’ button when done.

– ATM withdrawals: 10 times daily with a cumulative transaction limit of N150,000 or its equivalent in any currency if the transaction is done abroad.
– POS/ Web: 20 times daily with a cumulative spend limit of N1,000,000 or its equivalent in any currency if the transaction is done abroad or on international websites.

– Cost of Card is free
– Card re-issuance fee due to expiration is free
– Card re-issuance fee due to damage, loss or theft is N2000
– No Annual fees
– Monthly Card maintenance fee of N250, N500 and N1000 ( Classic, Gold and Platinum Respectively)
– Monthly interest rate of 2.5% on outstanding balance
– Cash withdrawal fee at ATM (International: N240 + 1% of transaction amount , Domestic : N150 +1%)
– Late payment – N2,000
– PIN Re-issue, Processing Fees – Free
– POS Cash Advance – Free

Yes

Go to the nearest Fidelity Bank branch and make your request

– Duly filled Credit card application form.
– Letter from employer stating irrevocable domiciliation of salary and gratuity/terminal Benefits.
– Letter from employer confirming applicant’s monthly, annual salary and length of service with the Organisation.
– 3 months’ Payslip
– Driver’s License/International Passport/National Identity Card.
– Photocopy of Employee identity card.
– Current Passport Photograph.
– Letter of Charge
– BVN

– Cycle is 30 days and statement date is on the 30th of every month.
– Repayment is 100% of outstanding balance, due on the 2nd of every month.

– The Payroll Credit card can be used at the ATM, POS and Web.
– Use domestically and internationally; anywhere in the world where the VISA logo is displayed.

Yes, the Payroll Credit Card comes in Classic, Gold and Platinum Variants.

Your Fidelity is very safe because it has added advantage of Verified by Visa IPIN which ensures that while paying for goods on the internet, ONLY the true owner of a card can authorize payment on the card.

Follow these easy steps next time you’re shopping online to activate your Verified by Visa iPIN.
– Click the ‘CHECK-OUT’ button or the ‘PAY-NOW’ button while shopping.
– Enter your card details as required by the website.
– The VbyV screen appears on the website.
– Enter your card details.
– Enter ID Number as provide in your Credit card application form.
– Enter Date of birth in the format YYYY as year of birth, MM as month of birth, and DD as day of birth.
– Enter Card expiry date as shown on the card in the format YYYY as year of expiration, and MM as month of expiration
– Click the ‘NEXT’ button to input a NEW 4 digit PIN.
– Click the ‘END’ button when done.

Yes

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