Fidelity Bank Plc, a leading financial institution in Nigeria, has partnered with Mastercard to launch Fidelity Send, a new initiative designed to enhance cross-border payments and remittances in the country.
This collaboration leverages Mastercard’s global network to enable near-real-time and cost-effective outbound transactions, aiming to drive financial inclusion across Nigeria.
The Fidelity Send solution utilizes Mastercard Cross Border Services, a leading money transfer platform that allows participating banks to securely send money to beneficiary accounts in over 60 countries worldwide. With access through Fidelity Bank branches and digital platforms, individuals and businesses can now benefit from faster and more reliable funds delivery, addressing key challenges such as high fees, limited banking infrastructure, and long processing times that have traditionally hindered cross-border remittances.
This partnership is particularly timely as cross-border remittances continue to play a crucial role in Africa’s economy, with flows to Sub-Saharan Africa reaching $54 billion in 2023, of which Nigeria accounts for 38%. As remittance flows are projected to increase by 2.5% in 2024, this collaboration provides a transparent and efficient solution that aligns with the growing demand for seamless financial transactions across borders.
Speaking on the collaboration, 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. 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.”
Mastercard has intensified its efforts to improve cross-border payment access in Nigeria and across Africa, aligning with its goal of integrating one billion individuals into the digital economy by 2025. Its recent collaboration with Fidelity Bank, one of Nigeria’s leading banks with over 8.3 million customers across 251 offices in Nigeria and the UK, further strengthens this initiative. Together, they aim to build an inclusive digital economy that benefits all.
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