Posted on October 21, 2009 - by boris

‘Fidelity Plc’ of Nigeria to offer banking service including check clearing to ‘Support Microfinance Bank’…

Support Microfinance Bank, a microfinance institution in Nigeria, has entered a “strategic and clearing partnership” with Fidelity Bank Plc, a major universal bank (capable of banking and investment activities) in Nigeria. Customers of Support Microfinance Bank will now be able to receive banking services, including the clearing of checks, from all 140 branches of Fidelity Bank Plc .

According to Mr. Sunday Akhamiokhor-Fred, Managing Director of Support Microfinance Bank, the move came about because it is “generally accepted” that microfinance banks cannot clear checks and because Support Microfinance Bank “does not have many branches” compared to Fidelity Bank Plc .

Mr. Akhamiokhor-Fred therefore sees this deal as a way to “reach numerous customers through other means outside setting up branches” . The deal was confirmed by Fidelity Bank Plc as the bank acknowledged that they will honor checks issued by Support Microfinance Bank.

Read more

Source:  http://www.microcapital.org/microcapitalorg-story-fidelity-plc-of-nigeria-to-offer-banking-service-including-check-clearing-to-support-microfinance-bank/