Fidelity Bank Plc, a leading financial institution in Nigeria, has announced a strategic partnership with Mastercard to launch a groundbreaking service, “Fidelity Send,” aimed at transforming cross-border payments and remittances.
The collaboration seeks to address key challenges in international money transfers by leveraging Mastercard’s global network to deliver a faster, more cost-effective, and secure solution for Nigerians.
In a move set to redefine the landscape of cross-border transactions in Nigeria, Fidelity Bank Plc and Mastercard have joined forces to introduce Fidelity Send. This innovative solution is designed to streamline outbound transactions by utilising Mastercard Cross Border Services, a leading platform that enables participating banks to facilitate safe, secure, and near-real-time money transfers to beneficiary accounts in over 60 countries. By integrating this service into its digital platforms and branch network, Fidelity Bank aims to enhance financial inclusion and provide businesses and individuals with greater access to international markets.
Cross-border remittances are a vital component of Africa’s economy, with Sub-Saharan Africa seeing remittance inflows of approximately $54 billion in 2023, of which Nigeria accounts for 38%. However, the adoption of these services has been hindered by challenges such as limited banking infrastructure, high fees, and prolonged processing times.
Fidelity Send addresses these obstacles by offering a transparent, cost-effective, and reliable service with no landing fees, broader management options, and guaranteed funds delivery. This initiative is expected to support the projected 2.5% growth in remittance flows to the region in 2024, providing a significant opportunity for businesses to expand their cross-border transactions.
Osita Ede, Divisional Head of Product Development at Fidelity Bank Plc, highlighted the bank’s dedication to meeting customer needs through tailored products and services.
“Our collaboration with Mastercard to introduce Fidelity Send is a testament to our commitment to delivering solutions that cater to the evolving needs of our customers. We are proud to offer a seamless, fast, and secure means for our customers to transfer funds globally,” he stated.
Mastercard’s West Africa Country Manager, Folasade Femi-Lawal, emphasised the importance of the partnership in driving financial inclusion. “We are honoured to work with Fidelity Bank to provide innovative payment solutions that offer more choice, security, and flexibility to Nigerians. This collaboration aligns with our broader mission of empowering individuals and fostering financial inclusion across underserved communities,” she said.
Ranked among Nigeria’s top financial institutions, Fidelity Bank serves over 8.3 million customers through its extensive network of 251 business offices in Nigeria and the UK, as well as its robust digital banking channels.
The launch of Fidelity Send is part of the bank’s broader strategy to enhance customer experience by providing cutting-edge solutions that address the complexities of international money transfers, including the management of foreign currency fluctuations. This partnership with Mastercard not only strengthens Fidelity Bank’s position in the market but also contributes to the development of a more inclusive digital economy, in line with Mastercard’s commitment to bringing one billion people into the digital fold by 2025.