Fidelity Bank Plc has partnered with Mastercard to launch Fidelity Send, a cutting-edge solution aimed at revolutionizing cross-border payments and remittances in Nigeria.
This Fidelity Send cross-border payments initiative leverages Mastercard’s extensive global network, enabling near-real-time and cost-effective outbound transactions, which are crucial for driving financial inclusion across the country.
The innovative solution utilizes Mastercard Cross Border Services, a premier money transfer platform that allows banks to use Mastercard’s global network to securely send funds to beneficiary accounts worldwide.
Customers using Fidelity Bank’s branches and digital platforms can now access near-real-time funds delivery to over 60 countries, addressing a significant gap in the current remittance landscape.
Cross-border remittances are a vital component of Africa’s economy, with Sub-Saharan Africa receiving approximately $54 billion in 2023, of which Nigeria accounted for 38%. As remittance flows to the region are projected to rise by 2.5% in 2024, the demand for efficient cross-border payment solutions is increasingly critical. However, barriers such as limited banking infrastructure, high fees, and long processing times have hindered adoption.
Fidelity Send aims to overcome these challenges by providing a faster, more reliable, and cost-effective solution with lower fees, no landing fees, broader management options, and guaranteed funds delivery. This aligns perfectly with the evolving needs of customers in a fast-paced global economy.
Osita Ede, Divisional Head of Product Development at Fidelity Bank Plc, stated, “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.”
The solution also addresses the critical challenge of managing foreign currency fluctuations during international transfers, providing Fidelity Bank’s growing customer base with an enhanced banking experience. Folasade Femi-Lawal, Country Manager, West Africa at Mastercard, added, “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’s commitment to bringing one billion individuals into the digital economy by 2025 is further strengthened by this collaboration, which aims to build an inclusive digital economy that benefits everyone.
Fidelity Bank, ranked as one of Nigeria’s best banks, continues to lead the charge in providing top-tier financial services to its 8.3 million customers across 251 business offices in Nigeria and the UK, as well as through its digital channels.
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