INFIDELITY BANK - Magomago plc

It’s amazing how some Banks can turn out to be Oxymoron of what they claim to be. Such is the case of Fidelity Bank which made me see ‘pepper’ just because I needed to receive money sent to me by a relative via the international money transfer system called Moneygram.


It’s not the first time I’m receiving cash from a relative through moneygram, and each time I’ve gone to receive it, there has never been any issue. But on this occasion, someone sent me some money and informed me to cash it specifically at any Fidelity Bank. I wondered why only at Fidelity Bank. Later I was to learn that he wasn’t aware that Moneygram was available and receivable at other banks.


I took time off during break at work to go receive the cash sent to me and stepped into a Fidelity Bank branch on Allen Avenue, near the roundabout. I walked up to one of the cashiers concerned with the process and made my inquiry.


‘Good afternoon. Please is it possible for me to receive Moneygram cash transfers here?’ I asked leaning over the marble counter.


‘Yes sir.’ Replied the sinewy bespectacled young man seated behind the counter.


‘Okay. I’d like to receive some cash that was transferred to me.’


‘Do you have an account with us?’


‘No.’


‘I’m sorry but you have to have an account with us before you can receive any money transfer’


I looked at him, totally dumbfounded.


‘Excuse me? When did one have to have an account to receive money transfer?’


‘That’s the directive sir. You can speak to that lady seated there’ He pointed towards a seating arrangement with two ladies that looked like the customer service area.


I walked over to the desk and made my complaint. I got the same reply and that it was the new order from above.


I left the bank in anger.


Across the road leading to Opebi was GT Bank. Just to satisfy my curiosity, I went in to verify a fact – whether I needed to have an account with them to be able to access money transfer via Western Union which they operated. They told me I didn’t need to.



Two days later I visited another Fidelity Bank just to be sure that this account-before-receiving-transfers thing isn’t a ruse. It was a Fidelity Bank branch near Fadeyi bus stop on Ikorodu Road (pictured above). I went with wifey this time.


I made for the inquiry desk and was told the same thing – I needed to have an account with them to receive the money transfer.


I left the bank in a fit. I said to hell with the cash and almost called the relative to withdraw his money but wifey told me to still chill. She made calls to a friend in another bank about how this Moneygram thing works. The friend told her that there is no such thing as having an account before you can access Moneygram and that you could collect your cash at any Moneygram point!


To be sure, we made our way to a UBA branch at Anthony which operated Moneygram. Within minutes we had received the transferred money and verified ourselves. And nobody asked us to open any yeye account!


This got me wondering – WHAT THE HECK WAS FIDELITY BANK UP TO? I had to conclude that there was ‘magomago’ going on in that bank. They probably needed to get people to open more accounts to meet CBN deadlines so they went ahead to start this stupid lie that you needed to have an account to access any money transfer. They even claimed that it was a directive from CBN!


If you needed to have an account to access a money transfer then it defeats the purpose of transfer giants such as Western Union and Moneygram. Maybe this is why this bank is not so popular with most people. While trying to find a way to get the cash, I had gone round my office asking who had a Fidelity account. I found no one.


Fidelity Bank’s ads echo the slogan ‘we are fidelity, we keep our word’ but I doubt the sincerity and honesty in that line after what I’d gone through. It was a sheer show of trickery and dishonesty; a total oxymoron to what they claim to stand for. I’m just thankful I have a VERY good reason to never bank with them.


Who dash them that name self?

9 Screamer(s):

seye said...

Hahahaha! I am personally tired of the banking system in nigeria

Dee! said...

I can imagine how angry you must have felt! No mind them jare. God pass them!

Evee said...

It is very annoying because western union and moneygram are not bank products; Banks are just agents to this products. Why should people be forced to open accounts just to cash money transfered to them? The whole purpose of KYC in account opening will be defeated because Moneygram customers are mainly walk-in clients. But in all fairness,the BS about it being a CBN rule is not totally wrong. Just that the interpretation of the rule is the problem.People just like to cash in wherever the opportnuity comes.

Myne Whitman said...

I don't thin that is true at all. I have been transferring money with no hassles from my people. na wa for Fidelity.

You are right oga..it's a K-2 plan to meet CBN target..E pele..don't mind them jor!..hehehe..How is madam & the kids?..she did well in calming you down..or else.. YOU FOR SHOW THEM SHEGE!....*grinning*

histreasure said...

e pele, jare..that's what they do out of desperation..my hubs and all his colleagues once had to open an account(checking accoutn even) bcos of some cash like that, tho i think that one twas magomago bw his organisation and they back..and they all deliberately abandoned it afterwards..mstcheeew

2cute4u said...

Mscheew, Imagine..
The crazy things these banks do these days , you have no idea until you find yourself in that situation..

Afronuts said...

@Seye…dem don show you too abi?

@Dee…See me see trobu oh!

@Evee…that makes dem cunning opportunists shey?

@MYne…na wah. Pls avoid dem oh!

@nitty gritty…If not for she, things for blow.

@histreasure…ha! U sure that bank was not fidelity?

@2cute4u…Trust. A trial will annoy you!

Anonymous said...

uba are behind the times on this.

latest cbn directive says YOU MUST HAVE AN ACCOUNT WITH THE BANK IN ORDER TO RECEIVE CASH FROM OVERSEAS. they're doing this ostensibly to curb yahooze, dont worry, all other banks will soon comply.

fidelity are simply on top of their game. it's cbn directive.