Fidelity Bank launches quick loan service

BY: Maclean Kwofi
Mr Jim Baiden
Mr Jim Baiden

Fidelity Bank Ghana Limited has introduced a new loan facility to meet the financing needs of both its existing and prospective customers in the country.

Christened “Fast and Easy Loan”, the product is expected to enable customers to secure loans from the bank within 24 hours at a 10 percent interest rate per annum.

The Managing Director (MD) of the bank, Mr Jim Baiden, said at the launch in Accra that the product was to enable customers to access loans easily with their savings and investments serving as their collateral.

“This innovative product is carefully designed to help Ghanaians protect their money and still get a loan to do anything they want to do,” he said.

Deposits as collateral

Mr Baiden added; “What is amazing about this product is that customers use their deposits as collateral as they take the loan and pay back with an interest of just 10 per cent per annum.”

He observed that the product provided every customer who had an investment or savings with the bank an equal chance to secure loans up to 90 per cent equivalent to the amount he or she had lodged with the bank.

Mr Baiden said the product formed part of the company’s commitment to promoting financial inclusion by ensuring that financial services were available to Ghanaians from all walks of life.

“As a Ghanaian bank, we are committed to the wellbeing of our customers and we acknowledge the fact that there are times when they need money urgently to take care of very important issues such as personal assets, personal expenses or working capital needs,” he said.

“As you are all aware, we are 10 years and because of that we are offering this loan at an unbelievable 10 per cent real interest rate,” Mr Baiden stated.

Competitive rate

The managing director emphasised that the rate was very competitive in the market and added that, “By the introduction of this innovative product, we are advising all customers and non-customers of the bank not to spend the money they have but entrust them to the Fidelity Bank to look after and even add value to it.”

Mr Baiden noted that access to credit had been a major challenge in the country in the past years and that had made it difficult for the business community to operate smoothly.

He indicated that the Fidelity Fast and Easy Loan had been created to ease the burden of individuals seeking financial assistance to expand their businesses or for personal use, saying it was “a product that will change the face of credit facilities in Ghana.”