Fidelity Bank partners Mastercard on cross-border payments

Fidelity Bank Plc has collaborated with Mastercard to launch Fidelity Send, a new initiative to enhance cross-border payments and remittances in Nigeria.

This collaboration leverages Mastercard’s extensive global network to facilitate near-real-time and cost-effective outbound transactions, driving financial inclusion in the country.

Cross-border remittances continue to play a vital role in Africa’s economy, with flows to sub-Saharan Africa increasing by approximately 1.9% in 2023 to $54 billion, with Nigeria accounting for 38% of the flows.

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

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However, limited banking infrastructure, high fees and long processing times hinder adoption.

Product Development, Fidelity Bank, Osita Ede, stated that the collaboration aims to address these challenges by providing a faster, more reliable, cost-effective and transparent solution with lower fees, no landing fees, wider management options and guaranteed funds delivery—aligning perfectly with the evolving needs of customers.

Ede stated further that Fidelity Send is designed to bridge the gap in cross-border payments by providing the Fidelity Bank’s growing customer base with an enhanced banking experience. This solution will also address the key challenge of managing foreign currency fluctuations during international money transfers.

The Country Manager, West Africa, Mastercard, Folasade Femi-Lawal, said, “In recent years, Mastercard has amplified its efforts to facilitate better access to cross-border payments in Nigeria and across the continent, 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.”