Fidelity Bank Announces Changes to its Board

Fidelity Bank Boosts Nigeria’s Rice Value Chain, Disburses N30bn To Farmers

Fidelity  Bank  has  facilitated  the  disbursement  of  over  N30  Billion  in  direct  credits  to  players  in  the  rice  value  chain. 

The  bank’s  interventions  have  helped  to  unlock spontaneous financing opportunities for a large swathe of paddy  rice  farmers  with  significant  contributions  in  the expansion of national paddy rice output. This has created positive impacts in rural communities by way of farmer empowerment and employment generation. This is also in alignment with the business sustainability imperative of our banking business.

Further down the value chain, our bank has directly financed the construction and installation of several integrated rice mills across different geo-political zones in Nigeria.  These rice mills have a combined rice milling capacity of circa 500,000 MT per annum. Recognizing the importance of the last mile traders in the value chain, the bank also provided low-cost funds to rice traders  to  purchase  rice  from  indigenous  rice  millers  for  sale to the final consumers. This, in no small measure, has helped in stabilizing the price of locally produced rice.