L – R: Kari Tukur, vice president, customer and solutions center, West & East Africa, Mastercard; Kevin Ugwuoke, executive director/chief risk officer, Fidelity Bank Plc; Folasade Femi Lawal, country manager, Mastercard; and Osita Ede, divisional head, product development, Fidelity Bank Plc; at the launch of Fidelity Send powered by Mastercard at the Fidelity Bank headquarters on Friday, 30 August 2024

Fidelity Bank Plc has joined forces with Mastercard to launch a new initiative called “Fidelity Send,” aimed at improving rapid cross-border payments and remittances in Nigeria.

During the launch event held on Friday in Lagos, Dr. Nneka Onyeali-Ikpe, the Managing Director and Chief Executive Officer of Fidelity Bank Plc, announced that Fidelity Send would provide customers with near-instant payment capabilities.

She highlighted that both individuals and businesses utilizing Fidelity Bank's branches and digital services would now benefit from near real-time fund transfers to over 60 countries.

Represented by Mr. Kevin Ugwuoke, Executive Director and Chief Risk Officer of Fidelity Bank Plc, Onyeali-Ikpe noted that customers could also enjoy savings of up to 20 percent on their transfer fees through this initiative.

She further elaborated that this innovation enables customers to send money directly to e-wallets, bank accounts, cards, and for cash pick-up.

“Today, we are one of the few banks offering a comprehensive diaspora banking suite that is tailored to meet the financial needs of Nigerians in the diaspora.

“Our customers have come to rely on our services for seamless international payments and remittances to their loved ones.

“As a bank, we remain committed to delighting our customers with innovative banking solutions.

“It is in furtherance of this commitment that we have partnered with a global market leader in the payment space -Mastercard, to develop the Fidelity Send payment solution,” she said.

The managing director emphasized that Fidelity Bank, as a leading entity in the Retail, SME, and export finance sectors, provides a variety of innovative financial and non-financial services aimed at ensuring smooth cross-border payment processes.

She highlighted that the bank's efforts in developing cutting-edge solutions for international payments and remittances have resulted in multiple awards and recognitions.

Onyeali-Ikpe indicated that this achievement underscores the bank's dedication to improving the global trading capabilities of local enterprises.

Additionally, Mr. Osita Ede, the Divisional Head of Product Development at Fidelity Bank, remarked that the partnership utilized Mastercard’s vast global network.

Ede noted that this collaboration aims to enable near-real-time and cost-efficient outbound transactions, thereby promoting financial inclusion within the nation.

He said: “This collaboration aims at addressing these challenges by providing a faster, more reliable, cost-effective and transparent solution with lower fees, no landing fees.

“Also, wider management options and guaranteed funds delivery—aligning perfectly with the evolving needs of customers.”

He stated that the Fidelity international transfer initiative aims to enhance cross-border payment processes, thereby providing Fidelity Bank’s expanding customer base with a superior banking experience. Ede further mentioned that this solution effectively tackles the significant issue of managing foreign currency fluctuations during international transactions.

Ms. Folasade Femi-Lawal, Country Manager for West Africa at Mastercard, expressed her enthusiasm for partnering with Fidelity Bank to launch innovative solutions that deliver increased choice, security, and flexibility for both individuals and businesses in Nigeria.

Femi-Lawal highlighted that through advancements in payment technology, the collaboration seeks to empower individuals and improve financial inclusion for millions in underserved areas.

She also pointed out that Mastercard has intensified its efforts in recent years to enhance access to cross-border payments in Nigeria and throughout the continent, aligning with its goal of integrating one billion people 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,” the country manager said.

Cross-border remittances remain a vital component of Africa's economic landscape.

Research conducted by Mastercard indicates that the volume of cross-border transactions to Sub-Saharan Africa rose by approximately 1.9 percent in 2023, reaching a total of 54 billion dollars, with Nigeria representing 38 percent of these transactions.

Looking ahead to 2024, remittance flows to the region are expected to grow by 2.5 percent, creating substantial opportunities for businesses to enhance their services and engage with the expanding market for international financial transactions.

Fidelity Bank, a commercial institution, serves over 8.3 million customers through its 251 branches in Nigeria and the United Kingdom, as well as through its digital banking platforms.

Mastercard, a leading global technology firm in the payments sector, aims to foster an inclusive digital economy, ensuring that transactions are safe, straightforward, intelligent, and accessible to all.