Fidelity Bank, Mastercard bring borderless payments to Nigeria with new cross-border solution
Business a.m.
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
Fidelity Bank Plc, a leading Nigerian financial institution, has joined forces with Mastercard, the global financial technology powerhouse, to roll out Fidelity Send, an initiative set to promote cross-border payments and remittances.
Mastercard cross border services now enables Fidelity Bank and other participating banks to seamlessly and securely transfer funds across international borders. This new solution provides Fidelity Bank customers with an effortless way to send money directly to beneficiary bank accounts worldwide, offering near-instant delivery to over 60 countries via both physical branches and digital platforms.
The collaboration would leverage Mastercard’s extensive global network to facilitate near-real-time and cost-effective outbound transactions, driving financial inclusion in the country.
Cross-border remittances have long been a vital component of Sub-Saharan Africa’s economy, with Nigeria at the forefront of the trend. Recent projections suggest that the region will experience a 2.5 percent rise in remittance flows by 2024, amounting to a total of $54 billion, with Nigeria accounting for 38 percent of these flows. However, despite the vast opportunities presented by this growth, challenges such as limited banking infrastructure, high fees, and slow processing times continue to hinder widespread adoption.
Fidelity Send, the joint effort between Fidelity Bank Plc and Mastercard, seeks to break down barriers to cross-border remittances in Sub-Saharan Africa. By offering faster, more reliable, and transparent services with lower fees, no landing fees, and comprehensive fund management options, the collaboration aspires to enhance financial inclusion and address the evolving needs of customers, ultimately positioning itself as the go-to solution for streamlined, cost-effective cross-border transactions.
Osita Ede, divisional head, product development at Fidelity Bank Plc, noted that the collaboration with Mastercard to introduce Fidelity Send demonstrates the bank’s commitment to meeting customers’ business and lifestyle needs through carefully designed products and services.
“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,” Ede added.
Folasade Femi-Lawal, Country Manager, West Africa, Mastercard, remarked: “We are honoured 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.”
Mastercard has long been dedicated to expanding access to cross-border payments across Nigeria and Africa. The collaboration with Fidelity Bank, according to the leading financial technology company, serves as a powerful step in their ongoing mission to digitally connect and financially empower one billion individuals by 2025.
Moreso, the partnership is expected to foster a digital economy that champions inclusivity and accessibility, ensuring that the benefits of digital financial services are far-reaching and positively impact all individuals and communities involved.