Fidelity Bank CEO, Mrs. Nneka Onyeali-Ikpe who
made this known on Saturday at the inaugural edition of the Fidelity Diaspora
Webinar Series in Lagos stated that the bank would leverage its robust digital
infrastructure, bespoke product offerings and extensive partnership with
International Money Transfer Operators (IMTOs) to strengthen remittances
inflows.
While applauding the regulator of the
financial services industry for its well-timed interventions in the FX market,
Mrs. Onyeali-Ikpe stated the virtual event was part of concerted efforts to
deepen engagement with Nigerian citizens’ resident abroad, providing them
greater clarity on recent policy measures by the CBN and its attendant
implications for diaspora investments.
“We are here today to discuss modalities of
Diaspora Remittance as well as awareness of investment opportunities in
Nigeria. We believe when people are armed with adequate knowledge, they will be
able to make informed decisions”, she explained.
Shedding light on the investment opportunities
available in the country such as fixed income securities, private equity
prospects in companies, modernized agriculture, urban and infrastructure
renewal projects, amongst others, she pointed out that many Nigerians in the
Diaspora are taking advantage of the bank’s Diaspora Mortgage product to
acquire homes in Nigeria.
“As an innovative bank, our digital link on
several IMTO sites ensures that Nigerians in diaspora can open both Naira and
domiciliary accounts in 10 minutes and remit funds to Nigeria. Our Private
Banking team can handhold interested persons for mortgage to avoid scams,” she
explained.
Themed ‘The New CBN FX Policy and Positive
Impact to Diaspora Investments in Nigeria’, the session had in attendance
notable professionals including Nigeria’s Vice President, Prof. Yemi Osinbajo;
Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, who delivered a
keynote address; and the Chairman/CEO, Nigerians in Diaspora Commission
(NIDCOM), Honorable Abike Dabiri-Erewa.
Other eminent personalities include the
Chairman/President of African Export-Import Bank, Prof. Benedict Okey Oramah;
Lead Faculty, Tekedia Institute, Prof. Ndubuisi Ekekwe; renowned Neurosurgeon
and Chairman of RNZ Global, Prof. Olawale Sulaiman; founder, and chairman of
BEN Television, Alistair Soyode, among others.
Ekweke, Sulaiman and Soyode all participated in the panel session where
they shared their wealth of knowledge and experience with attendees.
On his part, Vice President Osinbajo commended
the bank for the webinar session and reaffirmed his confidence in new CBN FX
policy.
According to him, the policy would aid more
investment from Nigerians living abroad. The Vice President, who was represented
by Executive Secretary/Chief Executive Officer, Nigerian Investment Promotion
Commission (NIPC), Ms. Yewande Sadiku, said, “Nigerians in diaspora represent
an indomitable force, they are flag bearers of Nigeria’s image, Nigeria
entrepreneurial energy and Nigeria’s incredible can-do attitude.
“For several years, the remittances from
Nigerians in diaspora exceeded Nigeria’s oil revenues, which translated
sometimes as high as six per cent of GDP. We are interested in understanding
exactly how to translate this potential to investments,” he added.
In his keynote address, Mr. Emefiele extended
his appreciation to the bank for providing a platform to discuss broad issues
affecting the CBN’s new FX policy. Emefiele highlighted the benefits of the
newly introduced “CBN Naira 4 Dollar Scheme,” an initiative aimed at
incentivising senders and recipients of international money transfers.
The CBN governor explained that the new policy
was expected to attract diaspora remittances through the official foreign exchange
channels as well as support forex stability in Nigeria.
Speaking at the webinar, Oramah commended the
CBN governor for the reforms taking place regarding diaspora remittances. He
suggested ways to boost diaspora participation in the Nigerian economy through
specialised funds and accounts that would encourage them to save their
long-term funds in Nigeria.
Lauding Fidelity Bank for the webinar series,
Oramah said;
“Africans and Nigerians can consider allowing
special diaspora foreign currency accounts with higher interest rates than the
US or Europe and with an inbuilt guarantee against potential losses from bank
failures and country risks.”
To watch a recap of the webinar, please click here –
https://www.youtube.com/watch?v=F_QdcStWO1Y
To open a Fidelity Diaspora Account instantly from anywhere in the world, click HERE
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