Frequently Asked Questions
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- CASHLESS POLICY
- NAIRA CREDIT CARD
- NAIRA PAY ROLL
- NAPS
CASHLESS POLICY
A CBN’s initiative to reduce the amount of physical cash in circulation thereby encouraging the use of electronic platforms for settlement or payment for goods and services.
This policy started since April 2012 with Lagos as the pilot location. The second phase commenced on July 1, 2013 with 5 additional states (Ogun, Kano, Rivers, Anambra and Abia) and FCT Abuja. The final phase of implementation that will cover the remaining 30 states will start by July 1, 2014.
There is no limit to the amount that can be paid into any account
- N500,000 for individual accounts
- N3,000,000 for corporate accounts
- N150,000 for third party withdrawals
No value for such cheques can be received through the clearing house or account to account transfer.
No third party withdrawal above N150, 000 over the counter has been banned. Value for such cheques can be received through the clearing house or account to account transfer
Yes, provided the cheque is opened for cash. The customer should provide the necessary account opening requirement. They can also open other accounts provided they meet the documentation requirements for such accounts.
Yes, a signatory to a Corporate Account is not a third party.
A. No, Payment from Government Accounts to Vendors and Staff ordinarily should be done through E-Payment platforms.
- 3% of any amount in excess of the cumulative daily limit for withdrawals from individual accounts
- 5% of any amount in excess of the cumulative daily limit for withdrawals from Corporate accounts.
Cash withdrawals across the counter and through ATMs
- ATMs
- Point of Sale (POS) Terminals
- Internet banking
- Cheques
- Electronic transfers eg RTGS, NEFT, NIBSS Instant payment, direct debit instructions
- Online Collections via Fidelity paygate/E-Pay and Paydirect
- Mobile Payments (Mobile Money)
No. the policy applies to Naira transactions only
The system automatically takes the cash lite charge from the account as soon as the transactions are posted.
No. all withdrawals will be treated while the applicable charges will be taken on same.
The essence of the policy is actually to reduce cash transaction and move it to other channels. POS terminals will be deployed to their shops and their customers will make their payments using cards.
- Yes. Micro finance Banks, Primary Mortgage Institutions on their accounts with commercial banks.
- Ministries, Departments and Agencies (MDAs) of Federal and State Governments on lodgements into their Collection Accounts ONLY
- Accounts of Embassies, Diplomatic Missions, Multilateral and Aid Donor Agencies.
NAIRA CREDIT CARD
Customer should enter the correct PIN or visit the nearest Fidelity bank branch for a PIN reset.
Wipe the card with dry cloth and try on another machine, if it persists, customer should request for a replacement.
Customer should request for a PIN reset in the nearest Fidelity branch
Step 1: Request for a new PIN in any of the Fidelity closest Branch
Step 2: You’ll receive SMS alert with 24 hours, Slot your card into Any Fidelity bank ATM and select any random 4 digits Number and press enter.
Step 3: Select “change PIN” to enter your preferred 4 digits PIN.
Step 4: Re-enter the PIN the second time and submit.
Simply dial *770*991# or call Trueserve number 01-4485252
This is a naira denominated credit card tailored for customers who have a minimum of 1 year banking relationship with Fidelity Bank.
Individual/Corporate account holders can access up to ₦4 million.
- ATM withdrawals: 8 times daily with a cumulative transaction limit of ₦150,000 or its equivalent in any currency if the transaction is done abroad.
- POS/ Web: 20 times daily with a cumulative spend limit of ₦1,000,000 or its equivalent in any currency if the transaction is done abroad or on international websites.
- Cost of Card is ₦1050
- Card re-issuance fee due to expiration is ₦1050
- Card re-issuance fee due to damage, loss or theft is ₦2000
- No Annual fees
- No transaction fees on POS and Web
- Monthly Card maintenance fee of ₦250, ₦500 and ₦1000 ( Classic, Gold and Platinum Respectively)
- Monthly interest rate of 2.5% on outstanding balance
- Cash withdrawal fee at ATM (International: ₦240 + 1% of transaction amount , Domestic : ₦150 +1%)
- Late payment – ₦2,000
- PIN Re-issue, Processing Fees – Free
- POS Cash Advance – Free
Go to the nearest Fidelity Bank branch and make your request
- Duly filled Credit card application form.
- Letter of Charge
- Approved Executive Summary signed off by Regional/Group Head.
- If Individual – executed Personal Guarantee
- If Corporate – executed Corporate Guarantee
- Driver’s License/International Passport/National Identity Card.
- Current Passport Photograph.
- BVN
- Cycle is 45days, statement date is 15th and due date is 28th of every month with a 14 day grace period.
- Repayment is 10% of outstanding balance, due on the 28TH of every month
- The Credit card can be used at the ATM, POS and Web.
- Use domestically and internationally; anywhere in the world where the VISA logo is displayed
Yes, the Fidelity Visa Naira Credit Card comes in Classic, Gold and Platinum Variants.
Your Fidelity is very safe because it has added advantage of Verified by Visa IPIN which ensures that while paying for goods on the internet, ONLY the true owner of a card can authorize payment on the card.
Follow these easy steps next time you’re shopping online to activate your Verified by Visa iPIN.
- Click the ‘CHECK-OUT’ button or the ‘PAY-NOW’ button while shopping.
- Enter your card details as required by the website.
- The VbyV screen appears on the website.
- Enter your card details.
- Enter ID Number as provide in your Credit card application form.
- Enter Date of birth in the format YYYY as year of birth, MM as month of birth, and DD as day of birth.
- Enter Card expiry date as shown on the card in the format YYYY as year of expiration, and MM as month of expiration
- Click the ‘NEXT’ button to input a NEW 4 digit PIN.
- Click the ‘END’ button when done.
Yes
NAIRA PAY ROLL
This is a naira denominated credit card tailored for customers whose salaries are domiciled in fidelity Bank.
Each customer can access up to 50% of their net monthly salary.
- ATM withdrawals: 8 times daily with a cumulative transaction limit of ₦150,000 or its equivalent in any currency if the transaction is done abroad.
- POS/ Web: 20 times daily with a cumulative spend limit of ₦1,000,000 or its equivalent in any currency if the transaction is done abroad or on international websites.
- Cost of Card is ₦1050
- Card re-issuance fee due to expiration is ₦1050
- Card re-issuance fee due to damage, loss or theft is ₦2000
- No Annual fees
- No transaction fees on POS and Web
- Monthly Card maintenance fee of ₦250, ₦500 and ₦1000 ( Classic, Gold and Platinum Respectively)
- Monthly interest rate of 2.5% on outstanding balance
- Cash withdrawal fee at ATM (International: ₦240 + 1% of transaction amount , Domestic : ₦150 +1%)
- Late payment – ₦2,000
- PIN Re-issue, Processing Fees – Free
- POS Cash Advance – Free
Go to the nearest Fidelity Bank branch and make your request
- Duly filled Credit card application form.
- Letter from employer stating irrevocable domiciliation of salary and gratuity/terminal Benefits.
- Letter from employer confirming applicant’s monthly, annual salary and length of service with the Organisation.
- 3 months’ Payslip
- Driver’s License/International Passport/National Identity Card.
- Photocopy of Employee identity card.
- Current Passport Photograph.
- Letter of Charge
- BVN
- Cycle is 30 days and statement date is on the 30th of every month.
- Repayment is 100% of outstanding balance, due on the 2nd of every month.
- The Credit card can be used at the ATM, POS and Web.
- Use domestically and internationally; anywhere in the world where the VISA logo is displayed
Yes, the Payroll Credit Card comes in Classic, Gold and Platinum Variants.
Your Fidelity is very safe because it has added advantage of Verified by Visa IPIN which ensures that while paying for goods on the internet, ONLY the true owner of a card can authorize payment on the card.
Follow these easy steps next time you’re shopping online to activate your Verified by Visa iPIN.
- Click the ‘CHECK-OUT’ button or the ‘PAY-NOW’ button while shopping.
- Enter your card details as required by the website.
- The VbyV screen appears on the website.
- Enter your card details.
- Enter ID Number as provide in your Credit card application form.
- Enter Date of birth in the format YYYY as year of birth, MM as month of birth, and DD as day of birth.
- Enter Card expiry date as shown on the card in the format YYYY as year of expiration, and MM as month of expiration
- Click the ‘NEXT’ button to input a NEW 4 digit PIN.
- Click the ‘END’ button when done.
Yes
NAPS
- Log unto Corporate Online Banking.
- Click on Workflowto create a transaction workflow.
- Click on NEWand populate the field in the popped up page.
- Input theNameyou would like to call this specific type of transaction activity e.g.Inter-bank Naps Transfers
- Select Activity from the drop-down the type of transfer you would like to create this workflow pattern for –NAPS
- Lower limit: This is the minimum amount the specific workflow can permit –1
- Upper limit: This is the maximum amount the specific workflow can permit –500,000,000
- No of verifiers: This is the number of user(s) you want to review the transaction(s).
- No of Authorizers: This is the number of user(s) you want to authorize the transaction(s).
. - Description: You can input the extra details of the workflow here.
- Enter your assigned token one time digits.
No, NAPS transfer aren’t instant. It takes an estimated time of 15mins.
All Corporate customers. Please note that:
- For organizations with multiple users (Admin/Initiator, Verifier and Authorizer) a workflow is required to be setup.
- For Super Admin users, creating a workflow isn’t required as you can immediately begin transacting.
A transactional workflow is required to be created by all corporate organization with multiple users on Online Banking before transacting using NAPS.
CASHLESS POLICY
A CBN’s initiative to reduce the amount of physical cash in circulation thereby encouraging the use of electronic platforms for settlement or payment for goods and services.
This policy started since April 2012 with Lagos as the pilot location. The second phase commenced on July 1, 2013 with 5 additional states (Ogun, Kano, Rivers, Anambra and Abia) and FCT Abuja. The final phase of implementation that will cover the remaining 30 states will start by July 1, 2014.
There is no limit to the amount that can be paid into any account
- N500,000 for individual accounts
- N3,000,000 for corporate accounts
- N150,000 for third party withdrawals
No value for such cheques can be received through the clearing house or account to account transfer.
No third party withdrawal above N150, 000 over the counter has been banned. Value for such cheques can be received through the clearing house or account to account transfer
Yes, provided the cheque is opened for cash. The customer should provide the necessary account opening requirement. They can also open other accounts provided they meet the documentation requirements for such accounts.
Yes, a signatory to a Corporate Account is not a third party.
A. No, Payment from Government Accounts to Vendors and Staff ordinarily should be done through E-Payment platforms.
- 3% of any amount in excess of the cumulative daily limit for withdrawals from individual accounts
- 5% of any amount in excess of the cumulative daily limit for withdrawals from Corporate accounts.
Cash withdrawals across the counter and through ATMs
- ATMs
- Point of Sale (POS) Terminals
- Internet banking
- Cheques
- Electronic transfers eg RTGS, NEFT, NIBSS Instant payment, direct debit instructions
- Online Collections via Fidelity paygate/E-Pay and Paydirect
- Mobile Payments (Mobile Money)
No. the policy applies to Naira transactions only
The system automatically takes the cash lite charge from the account as soon as the transactions are posted.
No. all withdrawals will be treated while the applicable charges will be taken on same.
The essence of the policy is actually to reduce cash transaction and move it to other channels. POS terminals will be deployed to their shops and their customers will make their payments using cards.
- Yes. Micro finance Banks, Primary Mortgage Institutions on their accounts with commercial banks.
- Ministries, Departments and Agencies (MDAs) of Federal and State Governments on lodgements into their Collection Accounts ONLY
- Accounts of Embassies, Diplomatic Missions, Multilateral and Aid Donor Agencies.
NAIRA CREDIT CARD
Customer should enter the correct PIN or visit the nearest Fidelity bank branch for a PIN reset.
Wipe the card with dry cloth and try on another machine, if it persists, customer should request for a replacement.
Customer should request for a PIN reset in the nearest Fidelity branch
Step 1: Request for a new PIN in any of the Fidelity closest Branch
Step 2: You’ll receive SMS alert with 24 hours, Slot your card into Any Fidelity bank ATM and select any random 4 digits Number and press enter.
Step 3: Select “change PIN” to enter your preferred 4 digits PIN.
Step 4: Re-enter the PIN the second time and submit.
Simply dial *770*991# or call Trueserve number 01-4485252
This is a naira denominated credit card tailored for customers who have a minimum of 1 year banking relationship with Fidelity Bank.
Individual/Corporate account holders can access up to ₦4 million.
- ATM withdrawals: 8 times daily with a cumulative transaction limit of ₦150,000 or its equivalent in any currency if the transaction is done abroad.
- POS/ Web: 20 times daily with a cumulative spend limit of ₦1,000,000 or its equivalent in any currency if the transaction is done abroad or on international websites.
- Cost of Card is ₦1050
- Card re-issuance fee due to expiration is ₦1050
- Card re-issuance fee due to damage, loss or theft is ₦2000
- No Annual fees
- No transaction fees on POS and Web
- Monthly Card maintenance fee of ₦250, ₦500 and ₦1000 ( Classic, Gold and Platinum Respectively)
- Monthly interest rate of 2.5% on outstanding balance
- Cash withdrawal fee at ATM (International: ₦240 + 1% of transaction amount , Domestic : ₦150 +1%)
- Late payment – ₦2,000
- PIN Re-issue, Processing Fees – Free
- POS Cash Advance – Free
Go to the nearest Fidelity Bank branch and make your request
- Duly filled Credit card application form.
- Letter of Charge
- Approved Executive Summary signed off by Regional/Group Head.
- If Individual – executed Personal Guarantee
- If Corporate – executed Corporate Guarantee
- Driver’s License/International Passport/National Identity Card.
- Current Passport Photograph.
- BVN
- Cycle is 45days, statement date is 15th and due date is 28th of every month with a 14 day grace period.
- Repayment is 10% of outstanding balance, due on the 28TH of every month
- The Credit card can be used at the ATM, POS and Web.
- Use domestically and internationally; anywhere in the world where the VISA logo is displayed
Yes, the Fidelity Visa Naira Credit Card comes in Classic, Gold and Platinum Variants.
Your Fidelity is very safe because it has added advantage of Verified by Visa IPIN which ensures that while paying for goods on the internet, ONLY the true owner of a card can authorize payment on the card.
Follow these easy steps next time you’re shopping online to activate your Verified by Visa iPIN.
- Click the ‘CHECK-OUT’ button or the ‘PAY-NOW’ button while shopping.
- Enter your card details as required by the website.
- The VbyV screen appears on the website.
- Enter your card details.
- Enter ID Number as provide in your Credit card application form.
- Enter Date of birth in the format YYYY as year of birth, MM as month of birth, and DD as day of birth.
- Enter Card expiry date as shown on the card in the format YYYY as year of expiration, and MM as month of expiration
- Click the ‘NEXT’ button to input a NEW 4 digit PIN.
- Click the ‘END’ button when done.
Yes
NAIRA PAY ROLL
This is a naira denominated credit card tailored for customers whose salaries are domiciled in fidelity Bank.
Each customer can access up to 50% of their net monthly salary.
- ATM withdrawals: 8 times daily with a cumulative transaction limit of ₦150,000 or its equivalent in any currency if the transaction is done abroad.
- POS/ Web: 20 times daily with a cumulative spend limit of ₦1,000,000 or its equivalent in any currency if the transaction is done abroad or on international websites.
- Cost of Card is ₦1050
- Card re-issuance fee due to expiration is ₦1050
- Card re-issuance fee due to damage, loss or theft is ₦2000
- No Annual fees
- No transaction fees on POS and Web
- Monthly Card maintenance fee of ₦250, ₦500 and ₦1000 ( Classic, Gold and Platinum Respectively)
- Monthly interest rate of 2.5% on outstanding balance
- Cash withdrawal fee at ATM (International: ₦240 + 1% of transaction amount , Domestic : ₦150 +1%)
- Late payment – ₦2,000
- PIN Re-issue, Processing Fees – Free
- POS Cash Advance – Free
Go to the nearest Fidelity Bank branch and make your request
- Duly filled Credit card application form.
- Letter from employer stating irrevocable domiciliation of salary and gratuity/terminal Benefits.
- Letter from employer confirming applicant’s monthly, annual salary and length of service with the Organisation.
- 3 months’ Payslip
- Driver’s License/International Passport/National Identity Card.
- Photocopy of Employee identity card.
- Current Passport Photograph.
- Letter of Charge
- BVN
- Cycle is 30 days and statement date is on the 30th of every month.
- Repayment is 100% of outstanding balance, due on the 2nd of every month.
- The Credit card can be used at the ATM, POS and Web.
- Use domestically and internationally; anywhere in the world where the VISA logo is displayed
Yes, the Payroll Credit Card comes in Classic, Gold and Platinum Variants.
Your Fidelity is very safe because it has added advantage of Verified by Visa IPIN which ensures that while paying for goods on the internet, ONLY the true owner of a card can authorize payment on the card.
Follow these easy steps next time you’re shopping online to activate your Verified by Visa iPIN.
- Click the ‘CHECK-OUT’ button or the ‘PAY-NOW’ button while shopping.
- Enter your card details as required by the website.
- The VbyV screen appears on the website.
- Enter your card details.
- Enter ID Number as provide in your Credit card application form.
- Enter Date of birth in the format YYYY as year of birth, MM as month of birth, and DD as day of birth.
- Enter Card expiry date as shown on the card in the format YYYY as year of expiration, and MM as month of expiration
- Click the ‘NEXT’ button to input a NEW 4 digit PIN.
- Click the ‘END’ button when done.
Yes
NAPS
- Log unto Corporate Online Banking.
- Click on Workflowto create a transaction workflow.
- Click on NEWand populate the field in the popped up page.
- Input theNameyou would like to call this specific type of transaction activity e.g.Inter-bank Naps Transfers
- Select Activity from the drop-down the type of transfer you would like to create this workflow pattern for –NAPS
- Lower limit: This is the minimum amount the specific workflow can permit –1
- Upper limit: This is the maximum amount the specific workflow can permit –500,000,000
- No of verifiers: This is the number of user(s) you want to review the transaction(s).
- No of Authorizers: This is the number of user(s) you want to authorize the transaction(s).
. - Description: You can input the extra details of the workflow here.
- Enter your assigned token one time digits.
No, NAPS transfer aren’t instant. It takes an estimated time of 15mins.
All Corporate customers. Please note that:
- For organizations with multiple users (Admin/Initiator, Verifier and Authorizer) a workflow is required to be setup.
- For Super Admin users, creating a workflow isn’t required as you can immediately begin transacting.
A transactional workflow is required to be created by all corporate organization with multiple users on Online Banking before transacting using NAPS.
As a financial expert with extensive knowledge in banking and credit card systems, let me dive into the details of the information provided. My expertise in the field allows me to explain and clarify various concepts related to the content.
Cashless Policy: The Cashless Policy, initiated by the Central Bank of Nigeria (CBN), aims to reduce the physical circulation of cash by encouraging electronic platforms for settlements and payments. It started in April 2012 in Lagos and expanded to other states in subsequent phases. The policy imposes limits on cash deposits and withdrawals, and there are charges for exceeding these limits. The objective is to promote electronic payment channels and reduce reliance on physical cash.
Cash Deposit and Withdrawal Limits:
- No limit for cash deposits.
- Cash withdrawal limits: N500,000 for individual accounts, N3,000,000 for corporate accounts, and N150,000 for third-party withdrawals.
Third-Party Transactions:
- Third-party cheques above N150,000 cannot be cashed over the counter but can be processed through the clearing house or account-to-account transfer.
Alternative Payment Channels: Various electronic channels are encouraged for transactions, including:
- ATMs
- Point of Sale (POS) terminals
- Internet banking
- Cheques
- Electronic transfers (RTGS, NEFT, NIBSS Instant payment, direct debit instructions)
- Online collections via Fidelity paygate/E-Pay and Paydirect
- Mobile payments (Mobile Money)
Exemptions from Cashless Policy: Certain entities are exempted from the policy, including Microfinance Banks, Primary Mortgage Institutions, and government accounts for specific purposes.
Fidelity Visa Naira Credit Card: This is a credit card tailored for customers with a minimum one-year banking relationship with Fidelity Bank. It has credit limits, transaction limits for ATM and POS/Web usage, and associated fees. The card comes in Classic, Gold, and Platinum variants.
Fidelity Naira Payroll Credit Card: Designed for customers whose salaries are domiciled in Fidelity Bank, this credit card allows access to 50% of the net monthly salary. It also comes in Classic, Gold, and Platinum variants with associated fees.
NAPS (Nigeria Automated Payment System): NAPS is a system for corporate customers, facilitating inter-bank transfers. Workflows are created on the Corporate Online Banking platform, and transactions are not instant but typically take around 15 minutes. Organizations with multiple users need to set up workflows, while Super Admin users can transact immediately.
Security Measures for Credit Cards: Security measures for Fidelity Visa Credit Cards include Verified by Visa IPIN, ensuring that only the true owner can authorize payments. Instructions for PIN resets, blocking the card in case of fraud, and card closure are provided.
In conclusion, the information presented covers a range of topics related to Fidelity Bank's services, cashless policies, credit cards, and electronic payment systems in Nigeria. If you have any specific questions or require further clarification on any of the topics mentioned, feel free to ask.
