By Moses Nosike

Fidelity Bank Plc, a leading financial institution in Nigeria and Mastercard have collaborated to launch Fidelity Send, a new initiative to enhance cross-border payments and remittances in Nigeria. The collaboration leverages Mastercard’s extensive global network to facilitate near-real-time and cost-effective outbound transactions, driving financial inclusion in the country.

The new solution utilises Mastercard cross- border Services, that allows participating banks to use the global Mastercard network to send money safely and securely to beneficiary bank accounts across the world. Individuals and businesses using Fidelity Bank branches and digital platforms now have access to near-real-time funds delivery to over 60 countries.

Cross-border remittances continue to play an important role in Africa’s economy, with flows to Sub-Saharan Africa increasing by approximately 1.9% in 2023 to $54 billion, with Nigeria accounting for 38% of the flows. In 2024, remittance flows to the region are projected to increase by 2.5%, 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.

This 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.

Managing Director, Chief Executive Officer, Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, represented by Mr. Kevin Ugwuoke, ED/CRO, of the bank, said, “As a dominant player in the retail, SME and export finance segment, Fidelity Bank offers a range of innovative financial and non-financial services designed to provide seamless cross-border payments. Our giant strides in pioneering innovative solutions to foster international payments and remittances have earned us numerous awards and accolades, reflecting our commitment to enhancing the global trading capabilities of local businesses. 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”.

Osita Ede, Divisional Head, Product Development at Fidelity Bank Plc, 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.”

Fidelity Int’l Transfer is designed to bridge the gap in cross-border payments by providing the 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.

Folasade Femi-Lawal, Country Manager, West Africa, Mastercard, said, “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.