Introduction
Fidelity Bank Plc, a prominent financial institution in Nigeria, has partnered with Mastercard to introduce "Fidelity Send," a groundbreaking initiative aimed at transforming cross-border payments and remittances within the country. This collaboration harnesses Mastercard’s extensive global network to facilitate near-real-time and cost-effective international transactions, thereby promoting financial inclusion across Nigeria.
Mastercard’s Global Network: The Backbone of Fidelity Send
The Fidelity Send solution is built on Mastercard Cross Border Services, a leading platform for money transfers. This platform enables participating banks to leverage Mastercard’s global network, ensuring safe and secure transactions to beneficiary bank accounts worldwide. With Fidelity Send, individuals and businesses using Fidelity Bank’s branches and digital platforms can now transfer funds in near-real-time to over 60 countries, offering a seamless and efficient banking experience.
The Role of Remittances in Africa’s Economy
Cross-border remittances are a vital component of Africa’s economic landscape, particularly in Sub-Saharan Africa, where remittance flows increased by approximately 1.9% in 2023, reaching $54 billion. Nigeria alone accounted for 38% of these flows, underscoring the importance of remittances to the country’s economy. With projections indicating a further 2.5% increase in remittance flows to the region in 2024, the market presents significant opportunities for businesses to expand their services and capitalize on the growing demand for cross-border financial transactions.
Addressing Key Challenges in Cross-Border Payments
Despite the critical role of remittances, the adoption of cross-border payment solutions in Africa has been hindered by limited banking infrastructure, high fees, and lengthy processing times. Fidelity Send addresses these challenges head-on by offering a faster, more reliable, and cost-effective solution. The service boasts lower fees, no landing fees, and wider management options, ensuring transparent and guaranteed funds delivery. This aligns with the evolving needs of customers who seek efficient and trustworthy financial services.
Commitment to Customer-Centric Solutions
Osita Ede, Divisional Head of Product Development at Fidelity Bank Plc, highlighted the bank’s dedication to customer satisfaction, stating, “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.”
Enhancing the Banking Experience
Fidelity Send is more than just a payment solution; it is designed to bridge the gap in cross-border payments, offering Fidelity Bank’s growing customer base an enhanced banking experience. The solution also addresses the challenge of managing foreign currency fluctuations during international money transfers, providing customers with greater financial security and peace of mind.
Mastercard’s Vision for Financial Inclusion
Folasade Femi-Lawal, Country Manager for West Africa at Mastercard, emphasized the broader impact of the 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.”
Advancing Towards a Digital Economy
Mastercard has been at the forefront of efforts to improve access to cross-border payments in Nigeria and across Africa. This collaboration with Fidelity Bank aligns with Mastercard’s commitment to bringing one billion individuals into the digital economy by 2025. By working together, both organizations aim to connect and empower an inclusive digital economy that benefits everyone, everywhere.
