By Ayomide Otitoju
Fidelity Bank has introduced multiple digital and branch-based channels for investors seeking to subscribe to the Dangote Petroleum Refinery Initial Public Offering (IPO), with the bank saying the process can be completed in less than two minutes.
The channels are available to existing Fidelity Bank customers, corporate organisations and non-customers in Nigeria and abroad.
Investors can subscribe through the Fidelity Bank iOS and Android mobile apps, the bank’s corporate banking platform and designated branches nationwide.
The bank has also introduced virtual accounts for investors who do not maintain Fidelity Bank accounts. Through the option, non-customers can initiate their subscriptions via the Fidelity Bank website, receive dedicated virtual account details and fund their applications from an existing bank account.
According to the bank, the virtual account option allows investors to participate without opening a regular Fidelity Bank account. It also supports third-party-funded subscriptions.
Existing retail customers can subscribe through the bank’s mobile applications, while corporate customers can use the corporate online banking platform, subject to the applicable inputter and authoriser process.
Investors requiring assistance can visit Fidelity Bank branches or contact Fidelity TrueServe through its designated telephone, WhatsApp and email channels.
The bank said investors would be required to provide relevant identification and account information, which may include a Bank Verification Number (BVN) for non-Fidelity Bank customers and a National Identification Number (NIN) for minors.
Investors without a Central Securities Clearing System (CSCS) account can also participate in the IPO. Fidelity Securities Limited provides a stockbroking account option to facilitate the electronic crediting of allotted shares after the allotment process.
Upon successful authorisation, the investor’s account will be debited or the assigned virtual account funded, after which a confirmation message, transaction reference and receipt will be issued.
Fidelity Bank said the initiative was aimed at expanding access to Nigeria’s capital market through simplified and technology-driven subscription options.
The bank advised prospective investors to review the approved Offer Prospectus before subscribing, noting that it contains the eligibility requirements, offer price, minimum subscription, permissible multiples, offer period and other terms governing the IPO.
