Fidelity Bank Plc, a leading financial institution in Nigeria, has partnered with Mastercard to launch Fidelity Send, a groundbreaking initiative aimed at transforming cross-border payments and remittances within the country. This collaboration leverages Mastercard’s extensive global network, offering near-real-time and cost-effective outbound transactions, thus driving financial inclusion in Nigeria.
The Fidelity Send solution is powered by Mastercard Cross Border Services, a leading money transfer platform that enables participating banks to utilize the global Mastercard network for secure and efficient money transfers to beneficiary bank accounts across the globe. With this new offering, individuals and businesses using Fidelity Bank’s branches and digital platforms can now enjoy near-real-time funds delivery to over 60 countries.
Cross-border remittances are crucial to Africa’s economy, with Sub-Saharan Africa receiving approximately $54 billion in 2023, of which Nigeria accounted for 38%. The projection for 2024 shows a 2.5% increase in remittance flows, highlighting significant opportunities for expanding financial services across borders. However, challenges such as limited banking infrastructure, high fees, and slow processing times have hindered broader adoption.
The Fidelity Send initiative addresses these challenges by providing a faster, more reliable, and transparent solution with lower fees, no landing fees, wider management options, and guaranteed funds delivery, perfectly aligning with the evolving needs of customers.
“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,” said Osita Ede, Divisional Head, Product Development at Fidelity Bank Plc. “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.”
This new solution enhances the banking experience for Fidelity Bank’s growing customer base, particularly in managing foreign currency fluctuations during international money transfers. It also bridges the gap in cross-border payments, contributing to the financial empowerment of underserved communities.
Folasade Femi-Lawal, Country Manager, West Africa, Mastercard, emphasized the significance of this partnership, stating, “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’s commitment to facilitating better access to cross-border payments aligns with its broader goal of bringing one billion individuals into the digital economy by 2025. The collaboration with Fidelity Bank strengthens this initiative, connecting and powering an inclusive digital economy that benefits everyone, everywhere.
ABOUT FIDELITY BANK
Fidelity Bank, recognized as one of the best banks in Nigeria, serves over 8.3 million customers across its 251 business offices in Nigeria and the United Kingdom, along with digital banking channels. The bank has garnered multiple local and international awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, Best Payment Solution Provider Nigeria 2023, Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards, Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023, and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.
The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
