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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 and Mastercard have collaborated to launch a new initiative to enhance cross-border payments and remittances in Nigeria.
According to a statement from the bank on Friday, the new product, Fidelity Send, rides on Mastercard’s extensive global network to facilitate near-real-time and cost-effective outbound transactions, driving financial inclusion in the country.
Cross-border remittances continue to play an important role in Africa’s economy, with flows to Sub-Saharan Africa increasing by approximately 1.9 per cent in 2023 to $54bn, with Nigeria accounting for 38 per cent of the flows.
In 2024, remittance flows to the region are projected to increase by 2.5 per cent, 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.
The bank said that the collaboration would seek 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.
The Divisional Head of Product Development at Fidelity Bank, Osita Ede, 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.”
He stated that Fidelity International Transfer was designed to bridge the gap in cross-border payments by providing 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,” he added.
The Country Manager, West Africa, Mastercard, Folasade Femi-Lawal, asserted, “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.
“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.”
