By Tolulope Rojaiye

Nigerians living abroad are increasingly exploring ways to grow their wealth in Nigeria beyond sending money to family members, with foreign currency savings, fixed deposits and long-term financial planning emerging as important considerations.

According to the World Bank, personal remittances received by Nigeria stood at approximately 22.8 billion US dollars in 2025, representing about 7.8 per cent of Gross Domestic Product. Central Bank of Nigeria data also put workers’ remittances at 5.24 billion US dollars in the third quarter of 2025.

The figures highlight the scale of financial inflows from Nigerians abroad and the opportunities for banks to provide services that support wealth preservation and investment.

From Remittances to Wealth Creation

Traditionally, diaspora banking has focused on enabling Nigerians abroad to send money home securely and conveniently. However, the financial needs of diaspora customers are expanding to include property acquisition, business investment, education funding, retirement planning and other long-term commitments.

For Nigerians earning in foreign currencies, choosing how to hold and manage funds intended for future use is an important financial decision. While some may prefer to retain their savings in US dollars, British pounds or euros, others may require naira deposits to meet expenses and investment needs in Nigeria.

These changing priorities are creating demand for flexible, multi-currency banking products that allow customers to select deposit periods that align with their financial goals.

Fidelity Bank Introduces Refreshed Diaspora Fixed Deposit Proposition

In response to these needs, Fidelity Bank has refreshed its Diaspora Fixed Deposit proposition, offering eligible diaspora customers the opportunity to earn returns on funds set aside for future commitments.

The product allows eligible customers to place fixed deposits in naira, US dollars, British pounds and euros, providing options for different currencies and financial objectives.

Naira deposits are available for tenors of 30, 60, 90, 180 and 365 days, while US dollar, British pound and euro deposits are available for 30, 60, 90 and 180 days.

The available tenors enable customers to choose a deposit period based on when they expect to need their funds.

Competitive Rates and Multiple Currency Options

Under the refreshed proposition, Fidelity Bank offers rates of up to 12.5 per cent per annum on eligible naira fixed deposits and up to seven per cent per annum on eligible US dollar deposits. Actual rates depend on the approved deposit amount and tenor.

Rates for British pound and euro deposits are determined by the applicable amount and tenor. Qualifying US dollar placements above 10 million dollars may also attract negotiated pricing, subject to Treasury approval.

Beyond the potential returns, the product combines multiple currency options, flexible deposit periods and support from the bank’s Diaspora Banking team.

Customers can therefore assess their options based on the amount they wish to invest, their preferred currency and the period for which the funds can remain on deposit.

Supporting Cross-Border Financial Planning

Managing money in Nigeria while living abroad can involve challenges relating to account opening, documentation, funding and fixed deposit instructions.

Fidelity Bank’s Diaspora Banking team provides support to eligible customers through relevant stages of the process, including enquiries, account opening, account funding and fixed deposit placement.

The service is designed to support customers whose earnings and financial responsibilities span different countries. While income may be earned in London, Toronto, Houston or other international locations, financial commitments relating to family, property, education, business and retirement may remain in Nigeria.

Access to banking services that accommodate these cross-border needs can help customers manage funds more deliberately and plan for future obligations.

Building Wealth Beyond Remittances

The evolving diaspora market presents opportunities for financial institutions to support Nigerians abroad beyond conventional money transfers.

As formal remittance channels and international money transfer operations continue to develop, diaspora banking products can provide additional options for customers seeking to manage savings and plan for future financial commitments in Nigeria.

Fidelity Bank’s refreshed Diaspora Fixed Deposit proposition offers eligible customers the opportunity to hold funds in selected currencies, choose an appropriate deposit tenor and earn returns on qualifying balances.

For Nigerians abroad, the product provides another option for maintaining financial ties with Nigeria while planning how funds reserved for future use can generate returns.

Ultimately, the choice of a fixed deposit should reflect an individual’s financial objectives, liquidity needs, preferred currency and investment horizon.

With Fidelity Diaspora Banking, eligible customers can explore opportunities to manage their funds across borders and put savings intended for tomorrow to work today.

Rates are per annum and are subject to applicable taxes, Treasury confirmation, market conditions and approval. Terms and conditions apply.