Fidelity Bank cuts fraud losses by 88% in H1 2024

Fidelity Bank, a tier 2 Nigerian bank with ₦5.3 trillion ($3.3 billion) in consumer deposits, has significantly reduced its fraud losses by 88% or (₦457 million) in the first half of 2024, a stark contrast to the ₦3.8 billion recorded in December 2023. This positive development as seen in its recently released financial statement, marks a turnaround for the bank, which has faced fraud-related challenges.

The bank has yet to respond to requests for comments on any part of the story.

In 2022, Fidelity Bank was involved in a high-profile fraud case where some bank workers stole ₦874 million. The bank subsequently implemented measures to mitigate fraud risks, including restricting certain neobanks with lax KYC procedures.

The lender's success in reducing fraud losses demonstrates its commitment to responsible banking practices in the financial services industry.

Fidelity Bank achieved impressive financial results in H1 2024 despite the fraud concerns. The bank's profits nearly tripled from ₦61 billion to ₦159 billion, driven by strong revenue growth and increased customer activity.

The bank's UK subsidiary, FidBank UK, also experienced a significant turnaround. 

After a loss-making year in 2023, FidBank UK recorded a profit of ₦1.2 billion in H1 2024, doubling its revenue and receiving additional capital ₦5.1 billion from its parent company. Fidelity Bank’s total investment in its UK subsidiary now stands at ₦68 billion.