Royal Exchange Microfinance Bank of Nigeria, the microfinance subsidiary of Nigerian financial services company Royal Exchange Public Limited Company, recently partnered with Fidelity Bank Public Limited Company, a Nigerian commercial bank, enabling its customers to access financial services through Fidelity’s service delivery network. Royal Exchange Microfinance customers will be able to use cash and debit cards at Fidelity automated teller machines (ATMs) and also access in-person services at Fidelity branches. Through the partnership with Fidelity, Royal Exchange Microfinance aims to double its customer base in 2011.
Royal Exchange Microfinance services include biometric point of sale (POS) terminals, which use thumbprints to verify customers’ identities and print out statements of accounts as evidence of completed transactions. Royal Exchange Microfinance Bank does not report to the US-based microfinance information provider, the Microfinance Information Exchange (MIX).
By Julie Moksim, Research Associate
About Royal Exchange Microfinance Bank: Royal Exchange Microfinance Bank is the microfinance subsidiary of Royal Exchange Public Limited Company (PLC), a financial services and insurance company that was established in Nigeria in 1918. In 2009, Royal Exchange PLC received approval from the Central Bank of Nigeria (CBN) to operate a microfinance bank, thereby creating Royal Exchange Microfinance Bank. Royal Exchange Microfinance Bank does not report to the US-based microfinance information provider, the Microfinance Information Exchange (MIX).
About Fidelity Bank Public Limited Company: Fidelity Bank Public Limited Company (PLC) was established in Nigeria in 1988 as a merchant bank. In 1999 it began operations as a commercial bank. The current structure of Fidelity Bank is the result of a 2005 merger between FSB International Bank PLC and Manny Bank PLC. Fidelity’s mission is to make financial services easily accessible to people in Nigeria. In 2011 Fidelity partnered with Royal Exchange Microfinance Bank of Nigeria to offer its service delivery network to low-income individuals.
Sources and Additional Resources:
The Nation: “Royal Exchange Microfinance”, February 23, 2011, http://thenationonlineng.net/web3/business/28838.html
MicroCapital.org Story, March 26, 2009: Royal Exchange PLC Gets Approval from Central Bank of Nigeria for Microfinance Bank, https://www.microcapital.org/microcapital-story-royal-exchange-plc-gets-approval-from-central-bank-of-nigeria-for-microfinance-bank/
MicroCapital’s Microfinance Universe Profile: Royal Exchange Microfinance Bank
MicroCapital’s Microfinance Universe Profile: Fidelity Bank Public Limited Company
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
Similar Posts:
- MICROCAPITAL BRIEF: First City Monument Bank of Nigeria Offers Asset Financing Starting at $600
- MICROCAPITAL BRIEF: Yabx Raising Equity to Expand Backoffice Fintech for Financial Inclusion in Nigeria
- MICROCAPITAL BRIEF: DEG Loans Husk Power $750k for Solar Microgrids in Nigeria, India
- MICROCAPITAL BRIEF: Baobab+, TradeLenda Partner on Solar Energy Solutions for SMEs in Nigeria
- MICROFINANCE PAPER WRAP-UP: “Microfinance, Over-indebtedness and Climate Adaptation: New Evidence from Rural Cambodia;” by Vincent Guermond et al; Published by Royal Holloway, University of London
