Mastercard and Fidelity Bank Plc, two of Nigeria’s top financial institutions, have partnered to introduce Fidelity Send, a new program designed to improve remittances and cross-border payments in Nigeria.
By enabling near-real-time and affordable outbound transactions, the partnership takes advantage of Mastercard’s vast global network to promote financial inclusion in the nation.
The new method makes use of Mastercard Cross Border Services, a well-known money transfer network that enables partner banks to send money to beneficiary bank accounts anywhere in the world safely and securely over the worldwide Mastercard network. With the help of Fidelity Bank digital platforms and branches, people and businesses may now send money to more than 60 countries in almost real time.
Remittances from outside Africa continue to be a significant part of the continent’s economy; in 2023, they will reach $54 billion, up 1.9% to Sub-Saharan Africa, with 38% of the total coming from Nigeria, BrandSpur banking and finance news reports.
Remittance flows are expected to rise by 2.5% to the region in 2024, offering businesses a great chance to enhance their services and capitalise on the expanding cross-border financial transactions industry. Adoption is hampered, nonetheless, by a weak financial infrastructure, expensive fees, and protracted processing periods.
With less fees, no landing fees, more management options, guaranteed funds delivery, and a faster, more dependable, affordable, and transparent solution—all of which perfectly correspond with the changing needs of customers—this partnership seeks to address these issues.
Osita Ede, Divisional Head, Product Development at Fidelity Bank Plc, discussed the partnership as follows: “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. 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.”
By offering a better banking experience to Fidelity Bank’s expanding clientele, Fidelity International Transfer aims to close the gap in cross-border transfers. The primary issue of controlling foreign exchange fluctuations during international money transfers is likewise addressed by this technique.
“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,” stated Mastercard’s Country Manager for West Africa, Folasade Femi-Lawal.
However, Mastercard has been working harder in the past few years to make cross-border payments easier in Nigeria and throughout the continent in order to meet its goal of having one billion people using digital currencies by the year 2025.
Adding, to enabling both parties to connect and develop an inclusive digital economy that benefits everyone, everywhere, this partnership with Fidelity Bank improves the endeavour. One of the top banks in Nigeria, Fidelity Bank is a fully functional commercial bank that serves over 8.3 million clients through its 251 business branches in Nigeria, the UK, and internet banking platforms.
