Nigerians living abroad can earn returns on funds reserved for future commitments in Nigeria through multi-currency fixed deposit options being offered by Fidelity Bank, as financial institutions seek to expand diaspora banking beyond traditional remittances.
The bank’s refreshed Diaspora Fixed Deposit proposition allows eligible customers to place funds in Naira, US Dollars, British Pounds and Euros, with deposit tenors varying by currency.
According to the product details, Naira deposits can be placed for 30, 60, 90, 180 and 365 days, while deposits in US Dollars, British Pounds and Euros are available for 30, 60, 90 and 180 days.
The proposition offers rates of up to 12.5 per cent per annum on eligible Naira deposits and up to seven per cent on eligible US Dollar deposits. Rates for British Pound and Euro deposits depend on the applicable deposit amount and tenor, while qualifying US Dollar placements above $10 million may attract negotiated rates, subject to Treasury approval.
The product is designed to serve Nigerians abroad who maintain financial commitments at home, including property purchases, education expenses, business investments, family support and retirement planning.
Fidelity Bank’s Diaspora Banking team also provides support for eligible customers with enquiries, account opening, funding and fixed deposit placement, according to the product information.
The offering comes amid significant financial inflows from Nigerians living abroad. World Bank data cited in the product brief put Nigeria’s personal remittance receipts at approximately $22.8 billion in 2025, equivalent to about 7.8 per cent of gross domestic product. Central Bank of Nigeria figures cited in the brief also put workers’ remittances at $5.24 billion in the third quarter of 2025.
The figures underscore the scale of diaspora funds and the potential for financial institutions to provide services beyond money transfers, including savings and investment options tailored to customers’ cross-border financial needs.
The fixed deposit options allow customers to select a currency and placement period based on when they expect to need their money. However, applicable rates remain subject to deposit amount, tenor, market conditions, Treasury confirmation, taxes and other terms and conditions.
For Nigerians abroad, the proposition provides an option for putting eligible funds set aside for future use to earn interest while maintaining a financial connection with Nigeria.