A customer of the bank,  Mr Mark Frimpong, who spoke on behalf of the customers during the bank’s 10th anniversary, said the standard set by Fidelity Bank had come to represent not only top quality financial services but also included the much broader obligation of playing an important role in national development.

In an interview with the media after the celebration, he said the country needed vibrant private Ghanaian banks to stimulate economic growth and bring prosperity to its people.

He observed that the power of the private sector to drive the country’s development agenda could not be underestimated.

FINSAP

Touching on the transformation of the financial services sector in Ghana, Mr Frimpong noted that when the Financial Sector Adjustment Programme (FINSAP) was introduced, the country had only 10 banks, most of which were state-owned.

Today, he said, FINSAP was yielding dividends as the banking and financial services landscape had undergone significant transformation; with several Nigerian banks entering the market; with the declared aim of intensifying its vibrancy and providing customers with a broader range of opportunities and better customer service.

“I remember the Nigerians describing Ghanaian bankers as ‘armchair bankers”. They were bringing to Ghana a different culture where the customer was supreme or so it seemed. The traditional multinational banks were soon facing stiff competition from the newcomers, but there was more to come. Private Ghanaian banks entered the space and the rest is history,” he stated.

He also pointed out that while multinational banks had, and continue to play an important role in mobilising deposits for development, there was no denying the fact that a lot more could be achieved by well-positioned Ghanaian banks.