Fidelity Bank Plc in partnership with Mastercard last Friday launched ‘Fidelity Send’, a new initiative to enhance cross-border payments and remittances in Nigeria.
The collaboration, according to the partners aims to drive financial inclusion by tapping Mastercard’s global network to facilitate near-real-time and cost-effective outbound transactions.
“The app will enable seamless and faster payment transactions for both businesses and customers,” said Osita Ede, divisional head, product development, Fidelity Bank Plc.
“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.
Read also: Mastercard, Scale to help fintechs rollout payment features
“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,” Ede said.
The bank cited that Cross-border remittances continue to play an important role in Africa’s economy, with flows to Sub-Saharan Africa increasing by approximately 1.9 percent in 2023 to $54 billion, with Nigeria accounting for 38 percent of the flows.
“In 2024, remittance flows to the region are projected to increase by 2.5 percent, 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 partners explained 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 the collaboration with Fidelity Bank will introduce innovative solutions that offer greater choice, security, and flexibility to individuals and businesses in Nigeria.
Read also: Digital transactions to receive boost on Network One payment platform debut
“Through advancements in payment technology, we aim to empower people and enhance financial inclusion for millions in underserved communities,” She added.
MasterCard explained that the collaboration with Fidelity Bank strengthens the initiative and enables both parties to connect and power an inclusive digital economy that will benefits everyone despite their location.
With the partnership, MasterCard stated that Individuals and businesses using Fidelity Bank branches and digital platforms now have access to near-real-time funds delivery to over 60 countries.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
