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Fidelity Bank wins Trade Processing Award


Okonkwo has been the Chief Executive Officer and Managing Director Fidelity Bank

Okonkwo has been the Chief Executive Officer and Managing Director Fidelity Bank

Recognised for its innovative approach to trade financing processing across the shores of the country, Fidelity Bank Plc has received the Deutche Bank 2014 USD Straight Through Processing (STP) Award.

The bank has also reassured its customers that it will continue to enhance its processes for improved banking services.

The Deputy Country Head, Deutsche Bank Nigeria, Mrs. Adeola Azeez, pointed out that despite the challenges and uncertainties of the outgone year, it was important to recognise the achievements of its correspondent banks in 2014.

Azeez explained that Deutche Bank recognizes STP because it is primarily an intermediary bank and rely on the quality of its clients’ processing, to maintain its own high STP to process efficiently.

“Our overall STP is around 97 per cent only achieved because of our clients diligence and attention to detail and Fidelity Bank recorded 99.9 per cent during the period under review,” she said.

The Managing Director/Chief Executive Officer, Fidelity Bank, Nnamdi Okonkwo, after receiving the award, said the Deutche Bank 2014 USD STP and Global Reach Trade (GRT) awards, which the bank emerged the silver award in the STP category, was a testament of improvement on how the bank processes its trade transactions.

“I think this is like the fifth time we have been coming here for this award and we are very pleased that each year, we get nominated or either win or we come second.

We came second today, but we will continue to do even better to delight our customers. We are very delighted to have been nominated for this award and we are very delighted to have come second. We have won it a few times and next year, we believe that we will win again,” he said.

Also, the Executive Director, Shared Services, Fidelity Bank, Chijioke Ugochukwu, noted that the award meant a great deal for the bank. She said it will encourage the bank to always strive to be at the top among its peers in terms of STP.

STP involves use of a single system to process or control all elements of the work-flow of a financial transaction. It is done by electronically capturing and processing transactions in one pass, from the point of first ‘deal’ to final settlement.

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