Fidelity Bank Plc and Mastercard have joined forces to launch a new initiative aimed at revolutionising cross-border payments and remittances in Nigeria. The new product, Fidelity Send, leverages Mastercard’s extensive global network to provide near-real-time, cost-effective outbound transactions, significantly boosting financial inclusion in the country.
Cross-border remittances are crucial to Africa’s economy, with flows to Sub-Saharan Africa rising by approximately 1.9 per cent in 2023, reaching $54 billion. Nigeria alone accounts for 38 per cent of these flows. Projections for 2024 indicate a further 2.5 per cent increase, presenting substantial opportunities for businesses to expand their services and tap into the growing market for international financial transactions.
However, the adoption of cross-border payment solutions has been hindered by limited banking infrastructure, high fees, and lengthy processing times. Fidelity Bank’s collaboration with Mastercard aims to overcome these challenges by offering a faster, more reliable, and cost-effective solution. Fidelity Send promises lower fees, no landing charges, broader management options, and guaranteed fund delivery, perfectly aligning with the evolving needs of customers.
Osita Ede, the Divisional Head of Product Development at Fidelity Bank, expressed the bank’s dedication to fulfilling customers’ business and lifestyle needs through innovative products and services. “Our collaboration with Mastercard to introduce Fidelity Send underscores our commitment to providing our valued customers with a quick and seamless way to send or receive funds globally through various service touchpoints,” he said. Ede also highlighted that Fidelity International Transfer is designed to enhance the cross-border payment experience for Fidelity Bank’s growing customer base by addressing the challenges of managing foreign currency fluctuations during international transfers.
Mastercard’s Country Manager for West Africa, Folasade Femi-Lawal, echoed this sentiment, emphasising the importance of innovation in offering greater choice, security, and flexibility to individuals and businesses in Nigeria. “We are honoured to collaborate with Fidelity Bank on this initiative, which aligns with our commitment to advancing financial inclusion and empowering people through payment technology. This partnership strengthens our efforts to connect and power an inclusive digital economy that benefits everyone, everywhere,” she said.
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With Mastercard’s goal of bringing one billion individuals into the digital economy by 2025, this collaboration with Fidelity Bank marks a significant step towards expanding access to cross-border payments across Nigeria and the continent.
