Stakeholder identification and consultation

Please describe which stakeholders (or groups/ types of stakeholders) you have identified, consulted, engaged, collaborated or partnered with for the purpose of implementing the Principles and improving your bank’s impacts. This should include a high-level overview of how your bank has identified relevant stakeholders, what issues were addressed/results achieved and how they fed into the action planning process.

Fidelity Bank is dedicated to maintaining strong stakeholder engagement as a fundamental element of its sustainability strategy and the application of the principles. Fidelity Bank identifies and prioritizes stakeholders according to their relevance to its operations, the extent to which the bank’s activities may affect them, and their level of interest in sustainability issues. Fidelity Bank’s engagement approach is rooted in inclusiveness, transparency, and accountability. The insights gained from these interactions help the bank conduct materiality assessments, inform policy development, and drive ongoing enhancements to its sustainability initiatives.

Key stakeholder groups and engagement methods include:

• Customers: Engaged through feedback surveys, social media, focus groups, customer service channels, relationship managers, and complaints management systems to understand their needs and expectations.
• Employees: Engaged via the intranet, staff meetings, newsletters, training sessions, surveys, performance appraisals, employee resource groups, and whistleblowing channels to foster alignment with the bank’s goals and promote a responsible workplace.
• Investors and Shareholders: Consulted through Annual General Meetings, investor presentations, sustainability reports, investor relations platforms, and analyst calls to share performance updates and strategic insights.
• Regulators: Interacted with through regulatory submissions, consultations, formal meetings, and participation in industry working groups to ensure compliance and contribute to sector policy development.
• Suppliers: Managed through audits, contractual agreements, workshops, and review meetings to promote responsible sourcing and alignment with Fidelity Bank’s ethical standards.
• Communities: Engaged via town hall meetings, collaborations with local organizations, social investment programs, and grievance mechanisms to support local development and address community concerns.
• NGOs and Civil Society: Collaborated on specific environmental and social projects and through participation in multi-stakeholder initiatives promoting sustainable development.
• Media: Engaged through press releases, briefings, interviews, and social media to ensure transparency and communicate important updates.
• Government: Interacted with relevant ministries, departments, and agencies through meetings, conferences, and joint initiatives, especially on regulatory and policy issues.
• Industry Peers: Participated in industry associations, benchmarking activities, and collaborative platforms to share knowledge and advance collective sustainability efforts.

These stakeholder engagement efforts have been vital in shaping Fidelity Bank’s sustainability strategy, enhancing transparency, and strengthening its social license to operate.

How did Fidelity Bank identify and work on strategic business opportunities to increase positive and reduce negative impacts?

In its 2024 PRB Progress Report Fidelity Bank reports that it identified and worked on strategic business opportunities to increase positive and reduce negative impacts as follows:

Fidelity Bank is unlocking new strategic business opportunities through the expansion of its sustainable finance offerings, aligning with the dual objectives of enhancing positive impacts and minimizing negative ones across its portfolio. In 2024, the bank made significant progress in inclusive finance by increasing access and strengthening engagement with underserved groups, including women, youth, MSMEs, and rural communities. Over 7,000 student accounts were opened via campus activations, while rural women received financial education and were onboarded as POS agents. The Agency Banking network expanded to over 35,000 agents with more than 7,000 POS terminals, improving financial access nationwide. Additionally, more than 6,000 women received digital skills training, empowering female-led enterprises.

To facilitate a just and low-carbon transition, Fidelity Bank increased its green finance portfolio. In 2024, the bank completed 482 transactions under green initiatives such as the Fidelity Easy Asset Lease Scheme (Solar Power) and Green Energy Financing, totaling ₦509.01 million. Fidelity Bank also provides funding to businesses implementing green initiatives across various sectors and is developing the Fidelity Green App, a digital platform that connects green product providers and consumers with embedded financing options. Further sustainable finance solutions are in development to meet rising demand.

Fidelity Bank’s sustainable finance efforts contribute to multiple SDGs, including SDG 3 (Good Health and Wellbeing), SDG 6 (Clean Water and Sanitation), SDG 8 (Decent Work and Economic Growth), SDG 9 (Industry Innovation and Infrastructure), SDG 10 (Reduced Inequalities), and SDG 17 (Partnerships for the Goals). Noteworthy initiatives include donating a solar-powered water facility serving 8,000 people, launching Fidelity Send to lower remittance costs and improve financial inclusion, and establishing a new SME Hub to foster innovation and collaboration.

The bank also plays a leading role in promoting financial literacy at the national level. As Chair and Secretariat of the Financial Literacy and Public Enlightenment Subcommittee of the Bankers’ Committee, Fidelity Bank contributes to shaping Nigeria’s financial inclusion strategy through awareness campaigns, educational programs, and stakeholder engagement.

All sustainability-related activities are guided by internal frameworks and aligned with international standards and taxonomies. Fidelity Bank’s definition of green finance is comprehensive, incorporating criteria such as alignment with designated use of proceeds in investor offer letters, adherence to international standards like the ICMA Green Bond Principles, and compliance with green taxonomies of development banks. These efforts aim to foster long-term value creation, inclusive economic growth, and climate resilience across clients and communities.

 

UN Principles for Responsible Banking: Accelerating a positive global transition for people and the planet

With over 300 signatory banks representing almost half of the global banking industry, the Principles for Responsible Banking are the world’s foremost sustainable banking framework. Through these Principles, the banking community takes action to align core strategies, decision-making, lending and investment with the UN Sustainable Development Goals and international agreements such as the Paris Climate Agreement.

FBRH Principles for Responsible Banking (PRB) Assurance:

First class PRB assurance services: The result of solid, hands-on ESG/ Sustainability experience

• • • FBRH is a GRI Certified Training Partner (Global), ISEP Training Centre and a member of CPD.
    • FBRH builds trust. Over 200 reviews from top professionals from around the world demonstrate our ability to build strong, trusting business relationships.
    • FBRH possesses a unique skill set that combines ESG/sustainability certified training, experience in advisory services and report preparation, and ESG/sustainability report assurance.

The combination of all the above empowers FBRH to provide first class Principles for Responsible Banking (PRB) assurance services.

 

References:

This case study is based on published information by Fidelity Bank, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original please revert to the following link:

https://www.fidelitybank.ng/documents/Fidelity-Bank-Sustainability-And-Climate-Report-2024.pdf

Note to Fidelity Bank: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.

Stakeholder identification and consultation

Please describe which stakeholders (or groups/ types of stakeholders) you have identified, consulted, engaged, collaborated or partnered with for the purpose of implementing the Principles and improving your bank’s impacts. This should include a high-level overview of how your bank has identified relevant stakeholders, what issues were addressed/results achieved and how they fed into the action planning process.

Fidelity Bank remains dedicated to meaningful stakeholder engagement as a fundamental part of its sustainability approach and the application of its principles. The bank identifies and prioritizes stakeholders based on their relevance to its operations, the potential impact of its activities on them, and their interest in sustainability matters. Fidelity Bank’s engagement practices are guided by the principles of inclusiveness, transparency, and accountability. Insights gained from these interactions inform the bank’s materiality assessments, influence policy decisions, and support the ongoing enhancement of its sustainability initiatives.

Key stakeholder groups and engagement methods include:

• Customers: Connected through feedback surveys, social media, focus groups, customer service channels, relationship managers, and complaints management systems to understand their needs and expectations.
• Employees: Engaged via the intranet, staff meetings, newsletters, training sessions, surveys, performance appraisals, employee resource groups, and whistleblowing channels to foster alignment with the bank’s objectives and promote a responsible workplace.
• Investors and Shareholders: Consulted during Annual General Meetings, investor presentations, sustainability reports, investor relations platforms, and analyst calls to share performance updates and strategic insights.
• Regulators: Interacted with through regulatory submissions, consultations, formal meetings, and participation in industry working groups to ensure compliance and contribute to sector policy development.
• Suppliers: Managed through audits, contractual agreements, workshops, and review meetings to promote responsible sourcing and uphold ethical standards.
• Communities: Engaged via town hall meetings, collaborations with local organizations, social investment programs, and grievance mechanisms to support local development and address community concerns.
• NGOs and Civil Society: Collaborated on specific environmental and social projects and participated in multi-stakeholder initiatives promoting sustainable development.
• Media: Engaged through press releases, briefings, interviews, and social media to ensure transparency and communicate important updates.
• Government: Interacted with relevant ministries, departments, and agencies through meetings, conferences, and joint initiatives, especially on regulatory and policy issues.
• Industry Peers: Participated in industry associations, benchmarking activities, and collaborative platforms to share knowledge and advance collective sustainability efforts.

These stakeholder engagement efforts have been vital in shaping Fidelity Bank’s sustainability strategy, enhancing transparency, and strengthening its social license to operate.

How did Fidelity Bank work with its clients and customers to encourage sustainable practices and enable sustainable economic activities?

In its 2024 PRB Progress Report Fidelity Bank reports that it works with its clients and customers to encourage sustainable practices and enable sustainable economic activities as follows:

Fidelity Bank actively engages clients and customers to promote sustainable practices and facilitate the transition toward a more inclusive and low-carbon economy. The bank’s engagement strategy integrates product innovation, awareness campaigns, policy enforcement, and ongoing client support.

Fidelity Bank maintains regular communication through calls, emails, various media platforms, and other channels to raise sustainability awareness, encourage responsible business conduct, and share pertinent information, including updates on regulatory expectations and environmental, social, and governance (ESG) best practices. As part of its lending procedures, environmental and social (E&S) conditions are incorporated into offer letters for borrowing clients. Based on the E&S risk classification of their businesses, clients are required to submit quarterly compliance reports. The bank also conducts site visits to verify compliance and provide guidance where necessary.

To enable sustainable economic activities, Fidelity Bank offers customized green financing solutions. In 2024, the bank facilitated 482 transactions through its green products, including the Fidelity Easy Asset Lease Scheme (Solar Power) and Green Energy Financing, totalling ₦509,006,379. Additionally, the bank is developing new sustainable offerings, such as the Fidelity Green App—a digital platform designed to connect providers and consumers of green products and services. Further green products are under consideration to assist clients in adopting sustainable business models.

These initiatives not only strengthen client relationships but also reinforce Fidelity Bank’s commitment to responsible banking and contribute to broader environmental and social outcomes.

 

UN Principles for Responsible Banking: Accelerating a positive global transition for people and the planet

With over 300 signatory banks representing almost half of the global banking industry, the Principles for Responsible Banking are the world’s foremost sustainable banking framework. Through these Principles, the banking community takes action to align core strategies, decision-making, lending and investment with the UN Sustainable Development Goals and international agreements such as the Paris Climate Agreement.

FBRH Principles for Responsible Banking (PRB) Assurance:

First class PRB assurance services: The result of solid, hands-on ESG/ Sustainability experience

• • • FBRH is a GRI Certified Training Partner (Global), ISEP Training Centre and a member of CPD.
    • FBRH builds trust. Over 200 reviews from top professionals from around the world demonstrate our ability to build strong, trusting business relationships.
    • FBRH possesses a unique skill set that combines ESG/sustainability certified training, experience in advisory services and report preparation, and ESG/sustainability report assurance.

The combination of all the above empowers FBRH to provide first class Principles for Responsible Banking (PRB) assurance services.

 

References:

This case study is based on published information by Fidelity Bank, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original please revert to the following link:

https://www.fidelitybank.ng/documents/Fidelity-Bank-Sustainability-And-Climate-Report-2024.pdf

Note to Fidelity Bank: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.