By Ayomide Otitoju
Fidelity Bank Plc, in partnership with Mastercard, has announced the launch of a groundbreaking initiative aimed at enhancing cross-border payments and remittances in Nigeria. The new product, Fidelity Send, leverages Mastercard’s extensive global network to facilitate near-real-time and cost-effective outbound transactions, a move set to drive financial inclusion across the country.
In a statement released on Friday, Fidelity Bank highlighted the growing importance of cross-border remittances in Africa’s economy. In 2023, remittance flows to Sub-Saharan Africa increased by approximately 1.9% to $54 billion, with Nigeria accounting for a significant 38% of these flows. With projections indicating a further 2.5% increase in 2024, the new service is poised to tap into the expanding market of cross-border financial transactions.
Despite the opportunities, the adoption of cross-border payment solutions has been hindered by limited banking infrastructure, high fees, and lengthy processing times. Fidelity Bank’s collaboration with Mastercard aims to address these challenges by offering a faster, more reliable, and transparent solution. The new service promises lower fees, no landing charges, a broader range of management options, and guaranteed fund delivery, meeting the evolving needs of customers.
Osita Ede, Divisional Head of Product Development at Fidelity Bank, remarked, “Our partnership with Mastercard to introduce Fidelity Send underscores our commitment to fulfilling our customers’ business and lifestyle needs through innovative products and services. We are excited to provide our valued customers with a quick and seamless way to transfer or receive funds globally across various service touchpoints.”
Ede emphasized that Fidelity Send was specifically designed to bridge the gap in cross-border payments, offering an enhanced banking experience to Fidelity Bank’s expanding customer base. The solution also addresses the critical challenge of managing foreign currency fluctuations during international money transfers.
Folasade Femi-Lawal, Country Manager for West Africa at Mastercard, expressed pride in the collaboration, stating, “We are honored to partner with Fidelity Bank in introducing innovative solutions that provide greater choice, security, and flexibility to individuals and businesses in Nigeria. By advancing payment technology, we aim to empower people and enhance financial inclusion for millions in underserved communities.”
Femi-Lawal further noted that Mastercard has intensified its efforts to improve access to cross-border payments in Nigeria and across the continent. This partnership with Fidelity Bank aligns with Mastercard’s commitment to bringing one billion individuals into the digital economy by 2025, strengthening the initiative to power an inclusive digital economy that benefits everyone, everywhere.
