To enhance cross-border payments and remittances in Nigeria, Fidelity Bank Plc in collaboration with Mastercard have launched ‘Fidelity Send’.
The bank said that the service would grant it’s customers, individuals and businesses using Fidelity Bank branches and digital platforms near real-time funds delivery to over 60 countries.
The Managing Director/Chief Executive Officer of Fidelity Bank Plc, Dr Nneka Onyeali-Ikpe, at the launch on Friday in Lagos, noted that the initiative leverages Mastercard’s extensive global network to facilitate cost-effective outbound transactions, driving financial inclusion in the country.
Onyeali-Ikpe, represented by the bank’s Executive Director/Chief Risk Officer, Kevin Ugwuoke, stated that customers would save up to 20 per cent on their transfers using the service.
Ugwuoke added that customers would be able to send money directly to e-wallets, accounts, cards and cash pick-up.
“Today, we are one of the few banks offering a comprehensive diaspora banking suite that is tailored to meet the financial needs of Nigerians in the diaspora. Our customers have come to rely on our services for seamless international payments and remittances to their loved ones.
“As a bank, we remain committed to delighting our customers with innovative banking solutions. We have partnered with a global market leader in the payment space -Mastercard, to develop the Fidelity Send payment solution.”
Cross-border remittances continue to play an important role in Africa’s economy, with flows to Sub-Saharan Africa increasing by approximately 1.90 per cent in 2023 to $54 billion, 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.
Osita Ede, Divisional Head, Product Development at Fidelity Bank Plc, emphasized that “The collaboration aims 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.”
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.”