Banking
Visa Prepares for Visitors to Russia for 2018 FIFA World Cup
By Dipo Olowookere
Ahead of the football tournament scheduled for Russia next year, Visa, the Official Payment Service Partner of FIFA, the world governing body for the game, said it was ready for the projected 500,000 visitors expected to attend the global event.
To show its readiness, Visa recently released travel and spending data for the 2018 FIFA World Cup.
Throughout official FIFA venues, Visa will enable a cash-free fan experience by implementing point-of-sale terminals that accept a Visa credit or debit card and a range of digital payments, such as those made via phone or watch.
According to the payment system firm, these enhancements ensure official FIFA venues are equipped with the latest in payment innovation and are ready for the increase in expected international visitors to Russia.
Based on spending trends and insights from Visa, it is projected that Russia will host an additional 300,000 to 500,000 international visitors during the months of June and July 2018, on top of a baseline average of 4.3 million total international visitors to Russia during that same time period over the past four years.
Based on historical data from the previous four FIFA World Cup tournaments, Visa projects foreign visitors to Russia will represent a 6 to 10 percent increase in foreign visitors to the country in June and July 2018. The largest share of non-native travellers to Russia is forecast to come from Europe (69 percent), Asia Pacific (12 percent) and Americas (8 percent).
Based on historical data from the 2014 FIFA World Cup Brazil, Visa anticipates Russia can expect to see an increase in per traveller spending.
On average, visitors attending the 2014 FIFA World Cup Brazil spent 31 percent more per card than regular tourists in Brazil. Visa projects this difference was a result of FIFA World Cup fans spending over 25 percent more at restaurants, over 10 percent more on transportation, and close to 10 percent more on lodging.
“As the Official Payment Service Partner of FIFA, Visa is excited for fans all over the world to join us in Russia,” said Ekaterina Petelina, country manager, Visa Russia. “From unveiling the latest payment innovations to upgrading payment terminals to allow for contactless cards and digital payments, such as those made via phone or watch, throughout official venues, Visa will continue to elevate the fan experience. Visa provides simple and secure payment options for those in attendance, so they can get back to their seats quickly and focus on the match.”
Global ticket sales for the 2018 FIFA World Cup Russia continue to perform well, as FIFA recently reported that close to 800,000 tickets have been sold so far to the FIFA World Cup global fan base.
Nearly 50 percent of the ticketing demand is coming from the host country, Russia, with Argentina, Australia, Brazil, China, Colombia, Germany, India, Mexico and the United States making up the largest number of international requests.
To ensure fans have a seamless and secure payment experience when attending the 2018 FIFA World Cup Russia, Visa said it developed the following recommended travel tips that fans can take advantage of.
Know Before You Go to Russia
Notify your issuing bank or financial institution of anticipated travel plans, including use of Visa debit, credit or prepaid cards abroad to avoid any issues while processing transactions. Issuing banks can also provide information about travel-related benefits for Visa account holders, including opt-in mobile services, such as Mobile Location Confirmation through your bank’s mobile app or Visa’s Travel Authorization Tag.
Register for SMS notifications with your specific bank, or the bank’s transaction notification service, to track purchases made on your Visa accounts as you travel.
Set up automatic bill pay for any credit cards to give you some peace-of-mind that your account will be current while traveling abroad.
Make two copies of important travel documents, namely your passport, in case of emergency. Leave one copy with a friend or relative and carry the other separate from your original documents. You can also take a photo with your cellphone of important documents.
Travel Tips for Fans in Russia
When paying by card, pay in “local currency” for a competitive exchange rate.
Use a credit or debit card for purchases. Visa offers security, convenience and ease when paying abroad. It is safer than carrying cash.
Whenever possible, pay through a chip-activated terminal when using your credit or debit card for enhanced security.
Look for the Visa or PLUS logo at any point-of-sale terminal to ensure international payment cards are accepted.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria anticipates remittances from citizens living abroad to increase by two-thirds in 2026 as it seeks to bolster its foreign-exchange reserves to $1 billion monthly.
“We are expecting that by the end of the year, we will hit about a billion Dollars a month from diaspora remittances,” he said at the 14th Annual BusinessDay CEO Forum in Lagos on Thursday, themed From Stability to Shared Prosperity.
Mr Cardoso said remittances are expected to be boosted from more than $600 million currently, banking on the CBN’s deliberate target at remittances to diversify reserve sources beyond oil earnings.
According to him, the apex bank engaged Nigerians abroad, banks and international partners to identify barriers to official remittance flows.
He said the lender subsequently reviewed policies to ensure easier movement of funds into and out of the country.
Mr Cardoso described the approach as providing free entry and free exit for foreign exchange.
He said the reforms helped double diaspora inflows within one year and exceeded initial expectations, also projecting annual remittances could reach about $8 billion if the current momentum was sustained, adding that the development reflected growing confidence in Nigeria’s financial system and foreign exchange market.
Mr Cardoso said reforms introduced by the apex bank had restored stability in the foreign exchange market and improved investors’ confidence.
He identified exchange rate unification as one of the central bank’s major achievements under the reforms programme.
According to him, replacing multiple exchange rate windows with a market-driven system eliminated distortions and improved transparency.
Mr Cardoso said improved foreign exchange liquidity and stronger reserves were among the gains from the reforms.
He said Nigeria’s net external reserves had risen from about $3 billion at the start of the reforms to above $40 billion currently, noting that gross external reserves had grown to about $52 billion, representing about 10 months of import cover.
According to him, the reserves are designed to shield the economy from external shocks and excessive market volatility.
He said the reserves were not meant for routine interventions or day-to-day exchange rate management.
By Modupe Gbadeyanka
The flagship banking subsidiary of Guaranty Trust Holding Company (GTCO) Plc, Guaranty Trust Bank (GTBank) Limited, has been announced as the winner of Nigeria’s Best Digital Bank award at the Euromoney Awards for Excellence 2026.
The lender clinched this accolade at the Euromoney Awards for Excellence 2026 ceremony, held on July 17, 2026, at The Peninsula London, England, for its outstanding performance, innovation, customer service, and leadership.
GTBank’s recognition as Nigeria’s Best Digital Bank reflects its continued leadership in digital innovation and its commitment to delivering seamless, secure, and customer-centric financial solutions.
As the banking franchise of GTCO, GTBank has consistently set industry benchmarks in digital transformation, pioneering solutions that have redefined how individuals and businesses access, manage, and experience financial services.
Over the years, GTBank has transformed the banking experience through a suite of innovative digital platforms, including the GTWORLD mobile app and solutions that provide millions of customers with seamless, secure, and convenient access to financial services.
The bank continues to strengthen its digital capabilities by introducing products and services that meet evolving customer needs while maintaining the highest standards of security, reliability, and service excellence.
This latest recognition underscores the company’s position as a market leader and reflects its sustained investment in technology, operational excellence, and innovation.
“This recognition is a testament to the legacy upon which GTBank was built and the vision that continues to guide us today.
“From inception, our goal has been to deliver on the Group’s vision to make end-to-end financial services accessible to everyone by leveraging technology to remove barriers, simplify experiences, and create meaningful value for our customers,” the chief executive of GTBank, Mrs Miriam Olusanya, stated.
“While we are honoured by this recognition, we see it as an acknowledgement of what we have achieved and a motivation to do even more.
“We remain focused on raising the bar for digital banking, investing in innovative solutions, and delivering exceptional experiences that create lasting value for our customers.
“As the financial services landscape continues to evolve, we will continue to innovate, adapt, and lead with the same commitment to excellence that has defined our franchise for decades,” she added.
The Euromoney Awards for Excellence 2026 convened leading financial institutions, industry executives, and policymakers from across the globe to celebrate excellence, innovation, and leadership in the financial services sector.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
