Connect with us

Banking

Wallets Africa to Issue Visa Debit Cards to Customers

Published

on

Wallets Africa

By Adedapo Adesanya

Nigerian fintech startup, Wallets Africa, is planning to commence issuing physical Visa debit cards to its customers to enable them to do online and offline financial transactions.

The firm, founded by Mr John Oke in 2018, ensures that financial transactions carried out through digital wallets are seamless and meet the needs of its users.

Since its establishment, the fintech startup has made strides in simplifying how users carry out transactions across the continent with just an app and a card.

The company has gone on to establish relationships and integrations with other cards, banks and switch providers in Nigeria. Now, it is joining forces with Visa, a leading global payments giant, to extend the reach to a wider audience.

According to the global payments giant, the programme creates an avenue for fintechs around the world to leverage its network “to introduce new and innovative payment experiences.”

ALSO READ  Zenith Bank Cost of Funds Optimisation Boosts Q1’20 PBT

In addition, it provides turnkey access to Visa’s ecosystem partners, online licensing, and automated programming interfaces (APIs).

In September, Wallets Africa began issuing virtual dollar cards to its users, enabling them to buy items and courses, and make payments for subscriptions and tools online.

Through the Fast Track Program, Visa has given the startup a further boost which will allow it to issue physical naira and dollar Visa cards.

Mr Franklin Ugobude, Wallets Africa Digital Marketing Manager, noted that the company was already issuing virtual Visa cards with its card technology and added that physical Visa cards needed to come into play because of the customers’ Wallets Africa couldn’t reach.

He said, “This is more direct as opposed to integrating with this, integrating with that. What we’ve done is a direct thing to the big switch, to Visa in this case. So we’re very psyched about it.”

ALSO READ  Wema Bank Customers to Enjoy All-Expense Paid Trip to Russia

He explained that the company aims to add more than 2,000 businesses in six months and with both cards — virtual and physical, it is set out to drive business users who hope to initiate local transactions as well as international transactions.

Mr Ugobude added that the partnership will make it able to complete offline payments as well.

In June 2020, the startup had 1,400 businesses; now, the number has increased to over 4,000 in addition to its over 60,000 individual users.

This development means Wallets Africa users can now access physical and virtual Verve and Visa cards from the company.

Mr Ugobude added that when users request for cards, Wallets Africa delivers them in less than two weeks, adding that users can make withdrawals with the dollar cards from any bank ATM in the country.

ALSO READ  Customers Slam N7bn Suit on Adam Nuru-led FCMB

Mr Otto Williams, Vice President, Fintech Partnerships of Visa, said the company is very enthusiastic about working with fintechs, and especially Wallets Africa on this new project.

“The Wallets Africa team has made tremendous progress in a short time. I am impressed with the fact that they’ve successfully enabled Visa prepaid cards that work everywhere to thousands of digital natives and entrepreneurs in Nigeria. I look forward to seeing what they’ll do in other African countries soon,” he said.

The founder, Mr Oke, on the other hand, is keen to see how the partnership will evolve in the coming years.

“We’ve been working with technology suppliers across the world since inception to help offer world-class financial services to Africans. We are very excited to have Visa on board as we continue on our journey,” he added.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Click to comment

Leave a Reply

Banking

FSDH Merchant Bank Sells N23.6bn Commercial Paper

Published

on

FSDH Merchant Bank

By Dipo Olowookere

Commercial paper worth N23.6 billion is to be raised by FSDH Merchant Bank Limited for its short-term working capital requirements and other general corporate purposes.

The note is being floated by the financial institution under its N40.0 billion commercial paper programme, Business Post gathered.

The sale of the N23.6 billion is being offered by FSDH in three series, series 3, 4 and 5, according to details of the issuance seen by this newspaper.

ALSO READ  Zenith Bank Cost of Funds Optimisation Boosts Q1’20 PBT

Subscriptions for the commercial paper commenced on Wednesday, July 14, 2021, and is expected to wrap up on Wednesday, July 21, 2021, but this is expected to be extended because of the two-day public holiday declared by the federal government on Tuesday and Wednesday for Eid-el-Kabir.

The series 3 CP is with a maturity of 116 days, with a coupon rate of 8.74 per cent, the series 4 note comes with a 188-day tenor with a coupon rate of 11.10 per cent, while the series 5 paper comes with a 270-day maturity and a coupon rate of 11.65 per cent.

ALSO READ  Customers Slam N7bn Suit on Adam Nuru-led FCMB

A commercial paper is an unsecured, short-term debt instrument issued for the financing of accounts payable and inventories and meeting short-term liabilities.

Maturities on commercial paper rarely range longer than 270 days and are usually issued at a discount from face value and reflects prevailing market interest rates.

FSDH, a subsidiary of FSDH Holding Company, which started as the first discount house in Nigeria in 1993, transformed into a merchant bank in 2012 after it received approval from the Central Bank of Nigeria (CBN).

ALSO READ  UBA Board Meets to Propose Final Dividend, Consider Results

The firm offers services such as cash management, wealth management, risk management, financing and advisory.

Continue Reading

Banking

Ecobank Begins Zero Transaction Fee on Rapidtransfer

Published

on

Rapidtransfer App

By Aduragbemi Omiyale

The management of Ecobank Nigeria led by Mr Patrick Akinwuntan has said transactions carried out on its money transfer app, Rapidtransfer, would be free of charge for four months.

A statement issued by the lender disclosed that this zero transaction fee on Rapidtransfer is to celebrate this year’s National Diaspora Day fixed for July 25. The day is set aside by the federal government to celebrate Nigerians in the diaspora in recognition of their contributions towards the development of their homeland.

Mr Akinwuntan said Nigerians in the diaspora contribute significantly to the socio-economic development of the country, lauding the decision of the government to celebrate them, noting that the recent launch of the National Diaspora Policy (NDP) by the government would further promote and harness the resources and capacity of Nigerians in the diaspora towards national development.

ALSO READ  Stanbic IBTC Bank Commences Sale of N35bn Commercial Paper

“As a pan-African institution positioned to foster the economic growth and integration of our continent, we are particularly pleased to work closely with NiDCOM, ably led by the Chairman/CEO, Mrs Abike Dabiri-Erewa towards the engagement of Nigerians in the diaspora on policies, projects and other initiatives geared at developing the nation.

“From our constant engagement with Nigerians in the Diaspora, we understand their peculiar needs and have created tailor-made solutions to serve them effectively,” the banker said.

He noted further that Ecobank has partnered NiDCOM on webinars, diaspora quarterly lecture series and will continue to seek other collaboration opportunities to deepen engagement with the diaspora community.

ALSO READ  NDIC Unveils Toll Free Line for Bank Customers to Report Illegal Deductions

Also speaking, the Head of Consumer Banking at Ecobank Nigeria, Mrs Korede Demola-Adeniyi, said Ecobank will apply zero fees to all Rapidtransfer transactions from July 1 to October 31, 2021, thereby enabling Nigerians living abroad to send money to their loved ones affordably.

According to her, the decision to waive charges underscores the bank’s commitment to helping Nigerians abroad remit money home without placing an additional burden of charges on them, especially at this period of global economic downturn.

Rapidtransfer is Ecobank’s proprietary money transfer service which enables users send funds across borders, affordably and instantly.

ALSO READ  Customers Slam N7bn Suit on Adam Nuru-led FCMB

The banking app is available for use by Ecobank and non-Ecobank customers. Remittances can be received directly into the recipient’s account or as cash at any Ecobank branch.

Beneficiaries who wish to receive funds into an account but do not have domiciliary accounts have the opportunity to open in Euro, GBP or USD instantly and enjoy all the benefits that come with Ecobank foreign currency accounts.

In addition, N5 is paid on every one dollar received as cash or direct to account in line with the Central Bank of Nigeria’s ongoing Naira for Dollar initiative.

Continue Reading

Banking

Fidelity Bank, Linda Ikeji Plan Platform to Empower Women

Published

on

Linda Ikeji Nneka Onyeali-Ikpe empower women

By Aduragbemi Omiyale

Efforts are being made by Fidelity Bank Plc and Linda Ikeji Blog (LIB) TV to create a long-term platform aimed to educate, support and empower women entrepreneurs in Nigeria.

Last week, the CEO of LIB TV, Ms Linda Ikeji, was at the head office of Fidelity Bank in Lagos on a courtesy call to the CEO of the financial institution, Mrs Nneka Onyeali-Ikpe.

During the visit, the duo not only explored business opportunities but discussed ways to lend their voice to the ongoing conversation about women empowerment.

The two beautiful amazons and consummate professionals in their respective fields of endeavour (banking and media) agreed that one of the best ways to develop the nation was to provide an avenue for women to thrive.

“Through strategic collaborations, we can set up a forum for young aspiring entrepreneurs to have a one-on-one interaction with successful career women in Fidelity Bank. This will provide them with the opportunity to ask questions and share their experiences,” Ms Ikeji said.

ALSO READ  UBA Positioned to Sustainably Grow Earnings—Uzoka

The media guru, while speaking on the importance of innovation in entrepreneurship, encouraged budding female entrepreneurs to stay ahead of their time by conducting research and identifying the needs of consumers.

She praised Fidelity Bank for organising women empowerment programmes, explaining that more Nigerian women need such platforms for motivation whilst believing that there is no limit to what they can achieve.

Ms Ikeji also used the occasion to express her confidence in management’s capacity to impact positively on the growth and development of women-owned businesses in Nigeria.

In her remarks, Mrs Onyeali-Ikpe, who was surrounded by top female management staff, applauded her guest’s efforts to empower young women, alluding to her 2017 initiative, which saw her tour secondary schools across the country teaching young girls about entrepreneurship. She expressed the willingness of the bank to collaborate with LIB TV for the betterment of female entrepreneurs.

ALSO READ  Bad Loans: CBN Considers Tougher Capital Rules for Banks

The bank chief also used the opportunity to provide a detailed insight into her seven-point agenda, which is part of plans to ensure the bank achieves Tier-One status in Nigeria by 2025.

Speaking about the bank’s efforts to positively influence women in business, the Fidelity Bank boss stated that the company’s long-standing support for the growth of women-owned businesses in Nigeria stems from its recognition of women’s ability to effectively control the hem of affairs in business.

Whilst reiterating the bank’s passion for women empowerment, she said the lender has put in place necessary measures to improve gender equality and assist women in the bank’s workforce thrive effortlessly on the job.

ALSO READ  Stanbic IBTC Bank Commences Sale of N35bn Commercial Paper

One of these, she said, is the creation of a conducive workspace for all women by building a crèche for Fidelity women to enable them to take care of their children.

“Fidelity Bank is very concerned about the convenience of women in the workforce and I encourage that every work environment with mothers should have a crèche. We have just built a child-friendly environment and it would be unveiled very soon,” she said.

On a final note, Mrs Onyeali-Ikpe noted that female business owners and professionals must make it a point of duty to be consistent and tenacious to succeed in business.

Continue Reading

Like Our Facebook Page

Latest News on Business Post

Trending

%d bloggers like this: