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Fidelity Bank Partners with Mastercard to Revolutionize Cross-Border Payments with ‘Fidelity Send’.√√√Newzspy.
Fidelity Bank Partners with Mastercard to Revolutionize Cross-Border Payments with ‘Fidelity Send’.√√√Newzspy.
Fidelity Bank Plc, a leading commercial bank in Nigeria, has teamed up with global payments giant Mastercard to unveil a groundbreaking service called “Fidelity Send.” This innovative initiative is set to revolutionize cross-border payments and remittances, offering Fidelity Bank customers an efficient and cost-effective way to transfer funds internationally.
The official launch took place on Friday in Lagos, with Dr. Nneka Onyeali-Ikpe, Managing Director and Chief Executive Officer of Fidelity Bank Plc, spearheading the event. Represented by Mr. Kevin Ugwuoke, Executive Director and Chief Risk Officer of Fidelity Bank Plc, Onyeali-Ikpe emphasized the transformative potential of Fidelity Send. She noted that the service is designed to provide customers with near-instant payment solutions, facilitating seamless international transactions.
“Fidelity Send will empower our customers, both individuals and businesses, to enjoy real-time funds delivery to over 60 countries worldwide,” Onyeali-Ikpe explained. “This innovative solution is a testament to our commitment to enhancing the banking experience for our customers, offering them not only speed and convenience but also significant cost savings on their international transfers.”
Through Fidelity Send, customers of Fidelity Bank can save up to 20% on transaction fees, making it an attractive option for those regularly engaged in cross-border transactions. The service is accessible through Fidelity Bank branches and digital platforms, providing flexibility and convenience for users. Customers can send money directly to e-wallets, bank accounts, payment cards, and even for cash pick-up at designated locations, ensuring a wide range of options for recipients across the globe.
Onyeali-Ikpe highlighted that Fidelity Bank is among the few Nigerian banks offering a comprehensive suite of diaspora banking services, tailored specifically to meet the unique financial needs of Nigerians living abroad. “Our customers trust us for seamless international payments and remittances to their loved ones. Fidelity Send is a further extension of this trust, developed in partnership with Mastercard, a global leader in the payments industry,” she said.
As a dominant player in Nigeria’s Retail, SME, and export finance sectors, Fidelity Bank has consistently introduced innovative financial and non-financial services aimed at streamlining cross-border payments. The bank’s leadership in this domain has earned it numerous accolades, reflecting its dedication to advancing global trade and financial inclusion.
Mr. Osita Ede, Divisional Head of Product Development at Fidelity Bank, also spoke at the launch, underscoring the significance of the collaboration with Mastercard. “This partnership leverages Mastercard’s extensive global network to facilitate near-real-time and cost-effective outbound transactions,” Ede said. “Our goal is to drive financial inclusion in Nigeria by providing a faster, more reliable, and transparent solution that aligns with the evolving needs of our customers.”
Ede further explained that Fidelity Send is designed to address common challenges associated with cross-border payments, such as high transaction fees and foreign currency fluctuations. The solution ensures guaranteed funds delivery, lower fees, and no landing fees, providing customers with a smooth and predictable transaction experience.
Representing Mastercard, Ms. Folasade Femi-Lawal, Country Manager for West Africa, expressed enthusiasm about the partnership with Fidelity Bank. “We are excited to collaborate with Fidelity Bank in introducing this innovative solution that offers greater choice, security, and flexibility to individuals and businesses in Nigeria,” Femi-Lawal said. “Through advancements in payment technology, we aim to empower people and enhance financial inclusion, particularly in underserved communities.”
Femi-Lawal noted that Mastercard has been actively working to improve access to cross-border payments in Nigeria and across Africa. This initiative is part of Mastercard’s broader commitment to bringing one billion individuals into the digital economy by 2025. “This collaboration with Fidelity Bank strengthens our efforts to build an inclusive digital economy that benefits everyone, everywhere,” she added.
Cross-border remittances play a crucial role in Africa’s economy, and Nigeria is a significant player in this space. Research by Mastercard revealed that cross-border transaction flows to Sub-Saharan Africa increased by approximately 1.9% in 2023, reaching $54 billion, with Nigeria accounting for 38% of these flows. In 2024, remittance flows to the region are projected to grow by 2.5%, presenting substantial opportunities for businesses to expand their services and tap into the burgeoning market of international financial transactions.
Fidelity Bank Plc serves over 8.3 million customers across its 251 business offices in Nigeria and the United Kingdom, as well as through its digital banking channels. Meanwhile, Mastercard continues to connect and power a digital economy that makes transactions safe, simple, smart, and accessible for everyone, further solidifying its position as a global technology leader in the payments industry.
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