Fidelity Bank Partners with Mastercard to Launch Enhanced Cross-Border Payment Solution in Nigeria

...Offer Near-Real-Time Funds Transfers to Over 60 Countries 

Fidelity Bank Plc, a leading financial institution in Nigeria, has teamed up with Mastercard to introduce Fidelity Send, a cutting-edge cross-border payment solution. This new service is designed to provide individuals and businesses in Nigeria with faster, more reliable, and cost-effective international transactions, leveraging Mastercard’s extensive global network.

Fidelity Send uses Mastercard Cross Border Services, a premier money transfer platform that enables participating banks to securely send funds to beneficiary accounts across the globe. With this service, Fidelity Bank customers can now enjoy near-real-time delivery of funds to over 60 countries, accessible through the bank’s branches and digital platforms.

Cross-border remittances are crucial to Africa’s economy, with Sub-Saharan Africa receiving $54 billion in remittances in 2023—38% of which went to Nigeria. With a projected 2.5% increase in remittance flows to the region in 2024, the new service from Fidelity Bank and Mastercard is poised to meet the growing demand for efficient international transactions. The partnership aims to overcome the challenges of limited banking infrastructure, high fees, and lengthy processing times that have traditionally hindered cross-border payments in Nigeria.

This 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.

Osita Ede, Divisional Head, Product Development at Fidelity Bank Plc, said: “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.”

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 also addresses the key challenge of managing foreign currency fluctuations during international money transfers.

Folasade Femi-Lawal, Country Manager, West Africa, Mastercard, said: “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.”

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, everywhere.