Fidelity Bank Plc, a prominent bank in Nigeria, and Mastercard have teamed up to introduce Fidelity Send, a new measure that will aid cross-border payments and remittances in Nigeria.
What are cross-border payments and remittances?
It’s a range of activities from sending or receiving money around the world to family or friends or paying for goods and services around the world.
Cross-border remittances in Africa usually flows to Sub-Saharan Africa increasing by 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%, encouraging businesses to widen their services and tap into the growing market. However, limited banking infrastructure, high fees, long processing times, and a host of other factors hinder adoption.
What would this collaboration bring about?
This collaboration will bring near-real-time and cost-effective outbound transactions to Fidelity Bank customers enabling access to near-real-time funds delivery to over 60 countries.
This collaboration also aims to address the challenges of limited banking infrastructure, high fees, and long processing times by allocating faster, more reliable, cost-effective, and transparent solutions with lower fees.
Comments and Reactions
Osita Ede, Divisional Head, Product Development at Fidelity Bank Plc, said thus,
“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.”
Folasade Femi-Lawal, Country Manager, West Africa, Mastercard, also commented,
“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.”
Final Thoughts
Over the years, there have been various attempts to make better access to cross-border payments in Nigeria and across the continent. It’s a thing of joy that this collaboration has finally brought this long-term wish and plans to reality, enabling the power of the digital economy in Nigeria.
Discover more from DiutoCoinNews
Subscribe to get the latest posts sent to your email.
