Fidelity Bank, a leading financial institution in Nigeria and Mastercard have collaborated to launch Fidelity Send, a new initiative to enhance cross-border payments and remittances in Nigeria.
Ravenewsonline reports that the collaboration leverages Mastercard’s extensive global network to facilitate near-real-time and cost-effective outbound transactions, driving financial inclusion in the country.
The new solution utilizes Mastercard Cross Border Services—a leading money transfer platform that allows participating banks to use the global Mastercard network to send money safely and securely to beneficiary bank accounts across the world.
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Individuals and businesses using Fidelity Bank branches and digital platforms now have access to near-real-time funds delivery to over 60 countries.
Cross-border remittances continue to play an important role in Africa’s economy, with flows to Sub-Saharan Africa increasing by approximately 1.9% in 2023 to $54 billion, with Nigeria accounting for 38% of the flows.
In 2024, remittance flows to the region are projected to increase by 2.5%, presenting significant opportunities for businesses to expand their services and tap into the growing market of financial transactions across borders. However, limited banking infrastructure, high fees, and long processing times hinder adoption.
This collaboration aims to address these challenges by providing a faster, more reliable, cost-effective, and transparent solution with lower fees, no landing fees, wider management options, and guaranteed funds delivery—aligning perfectly with the evolving needs of customers.
Osita Ede, Divisional Head, Product Development at Fidelity Bank Plc, said: “Our collaboration with Mastercard to introduce Fidelity Send demonstrates our commitment to meeting our customers’ business and lifestyle needs through carefully designed products and services.
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“We are pleased to offer our valued customers a quick and seamless means of receiving or transferring funds globally via a range of service touchpoints.”
Fidelity Int’l Transfer is designed to bridge the gap in cross-border payments by providing the Fidelity Bank’s growing customer base with an enhanced banking experience.
This solution also addresses the key challenge of managing foreign currency fluctuations during international money transfers.
Folasade Femi-Lawal, Country Manager, West Africa, Mastercard, said: “We are honored to collaborate with Fidelity Bank to introduce innovative solutions that offer greater choice, security, and flexibility to individuals and businesses in Nigeria.
“Through advancements in payment technology, we aim to empower people and enhance financial inclusion for millions in underserved communities.”
In recent years, Mastercard has amplified its efforts to facilitate better access to cross-border payments in Nigeria and across the continent, in line with its commitment to bringing one billion individuals into the digital economy by 2025.
This collaboration with Fidelity Bank strengthens this initiative and enables both parties to connect and power an inclusive digital economy that benefits everyone, everywhere.
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Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.
The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
L – R: Kari Tukur, Vice President, Customer and Solutions Center, West & East Africa, Mastercard; Kevin Ugwuoke, Executive Director/Chief Risk Officer, Fidelity Bank Plc; Folasade Femi Lawal, Country Manager, Mastercard; and Osita Ede, Divisional Head, Product Development, Fidelity Bank Plc; at the launch of Fidelity Send powered by Mastercard at the Fidelity Bank headquarters on Friday, 30 August 2024.
