Fidelity Bank Plc, one of the country’s top lenders in terms of Capital Adequacy Ratio (CAR) has expressed optimism that the prevalent economic condition triggered by the slump in global oil prices will not dampen diaspora remittance to Nigeria. According to the bank, remittances from Nigerians living abroad is expected to hit $35 billion in 2016, making Africa’s most populous country, one of the largest recipient of remittances globally.
Speaking at a Prize Presentation ceremony held in Enugu, Aku Odinkemelu, Executive Director, South, Fidelity Bank Plc, said that whilst every sector has been experiencing a slowdown, Diaspora remittances has continued to grow unabated.
Odinkemelu who pointed out that Nigeria can take advantage of the enormous, but untapped financial reservoir from the Diaspora to weather the current economic storm, also recognised the growing potential of the market segment in the South-East region. At the ceremony, the bank presented a brand new Kia Rio car to a lucky customer, Malachy Igbodo, the winner of the Bank’s MoneyGram Promo.
The prize presentation in Enugu, the bank’s Executive Director said is intended to acknowledge the massive contributions of the South-East region particularly as it relates to boosting Diaspora remittances and other capital inflows into the Nigerian economy.
While making the presentation at the former Polo Field, Odinkemelu noted that the performance of the financial institution in the region was second to none. She further added, “We are regarded as the bank for the South-East and South-South and the evidence is the growing patronage and loyalty of customers; we are determined to recognize and reward that loyalty.”
Igbodo, a student and businessman, who has been using his mother’s car described himself as a surprise winner, further adding that it was probably the volume of his Diaspora transactions with foreign business partners that eventually raised his chances of participating and winning the raffle draw.
According to him, “I would say that the frequency of remittances can offer anyone the opportunity of being drawn in the raffle draw. I will not sell the car; I will use it and keep it for my children to see.”