Fidelity Bank, Mastercard partner to unveil swift cross-border transaction solution

Fidelity Bank, Mastercard partner to unveil swift cross-border transaction solution

Fidelity Bank Plc and Mastercard have partnered to unveil a new initiative tagged “Fidelity Send”, to enhance swift cross-border payments and remittances in Nigeria.

The Managing Director/Chief Executive Officer of Fidelity Bank Plc, Dr Nneka Onyeali-Ikpe, at the launch on Friday in Lagos, said that Fidelity Send would allow the bank’s customers enjoy near-instant payments.

She said that, consequently, individuals and businesses using Fidelity Bank branches and digital platforms now had access to near real-time funds delivery to over 60 countries.

Onyeali-Ikpe, represented by Mr Kevin Ugwuoke, Executive Director/Chief Risk Officer, Fidelity Bank Plc, stated that customers would also save up to 20 per cent on their transfers using the initiative.

She explained that through the innovation, customers would be able to send money directly to e-wallets, accounts, cards and cash pick-up.

“Today, 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.

“As a bank, we remain committed to delighting our customers with innovative banking solutions.

“It is in furtherance of this commitment that we have partnered with a global market leader in the payment space -Mastercard, to develop the Fidelity Send payment solution,” she said.

The managing director noted that as a dominant player in the Retail, SME and export finance segment, Fidelity Bank offered a range of innovative financial and non-financial services designed to provide seamless cross-border payments.

According to her, the bank’s strides in pioneering innovative solutions to foster international payments and remittances have earned it numerous awards and accolades.

Onyeali-Ikpe said this reflected its commitment to enhancing global trading capabilities of local businesses.

In his remark, Mr Osita Ede, the Divisional Head, Product Development at Fidelity Bank, said the collaboration leveraged Mastercard’s extensive global network.

Ede stated that this was to facilitate near-real-time and cost-effective outbound transactions, driving financial inclusion in the country.

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He said: “This collaboration aims at addressing these challenges by providing a faster, more reliable, cost-effective and transparent solution with lower fees, no landing fees.

“Also, wider management options and guaranteed funds delivery—aligning perfectly with the evolving needs of customers.”

According to him, the Fidelity international 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.

Ede added that the solution also addressed the key challenge of managing foreign currency fluctuations during international money transfers.

Commenting, Ms Folasade Femi-Lawal, Country Manager, West Africa, Mastercard, expressed excitement at collaborating with Fidelity Bank in introducing innovative solutions that offered greater choice, security, and flexibility to individuals and businesses in Nigeria.

Femi-Lawal said through advancements in payment technology, the companies aimed at empowering people and enhancing financial inclusion for millions in underserved communities.

She noted that in recent years, Mastercard had amplified its efforts to facilitate better access to cross-border payments in Nigeria and across the continent.

According to her, this is 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,” the country manager said.

The News Agency of Nigeria reports that cross-border remittances continue to play an important role in Africa’s economy.

A research by Mastercard revealed that  flows of cross-border transaction to Sub-Saharan Africa increased by approximately 1.9 per cent in 2023 to 54 billion dollars, with Nigeria accounting for 38 per cent of the flows.

In 2024, remittance flows to the region are projected to increase by 2.5 per cent, presenting significant opportunities for businesses to expand their services and tap into the growing market of financial transactions across borders.

Fidelity Bank is a 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.

Mastercard is a global technology company in the payments industry that connects and power an inclusive, digital economy to make transactions safe, simple, smart and accessible for everyone.