Fidelity Bank Ghana has issued a public clarification disassociating itself from an entity operating under the name “Fidelity Capital Investment Group,” amid growing regulatory concerns and warnings about the firm’s activities.
In a statement, the bank stressed that neither it nor its investment subsidiary, Fidelity Securities Limited, has any affiliation, association, or connection with the entity in question. The clarification follows media reports and public discussions suggesting a possible link due to the shared use of the “Fidelity” name.
The bank emphasized that Fidelity Securities Limited is a duly licensed and regulated investment and asset management firm under the Securities and Exchange Commission Ghana, operating in full compliance with all applicable regulatory requirements in Ghana’s financial sector.
“We wish to clarify that Fidelity Bank Ghana and its subsidiary, Fidelity Securities Limited, are in no way affiliated, associated, or connected with the said entity or its activities,” the statement noted.
The bank also expressed concern about the potential for public confusion arising from the use of its brand name. According to the statement, such usage could mislead investors into assuming a relationship that does not exist.
“We are concerned by any use of the ‘Fidelity’ name in a manner that may create confusion or mislead the public into assuming an association with our brand,” the bank said, urging the public to exercise caution when dealing with investment firms.
The clarification comes as the Securities and Exchange Commission Ghana has cautioned the public against engaging with “Fidelity Capital Investment Group,” describing the entity as unlicensed and raising red flags about its operations.
Deputy Director-General of the Commission, Mensah Thompson, in an interview indicated that the company is not authorized to operate in Ghana’s capital market. He warned that the entity appears to be using tactics similar to Ponzi schemes, including promises of unusually high returns, particularly through messaging platforms such as Telegram.
He advised investors to avoid committing funds to unregulated schemes, noting that such offers often carry significant risks and could lead to loss of capital.
Fidelity Bank Ghana reiterated its commitment to maintaining high standards of integrity, transparency, and customer protection. The bank also encouraged the public to independently verify the legitimacy and regulatory status of any investment institution directly with the Securities and Exchange Commission Ghana before making financial decisions.
The development highlights ongoing concerns within Ghana’s financial sector about fraudulent investment schemes exploiting trusted brand names to gain credibility and attract unsuspecting investors.
