Fidelity Bank Gets Principal MasterCard Licence

Fidelity Bank Plc has concluded plans to aid its e-payment solutions and cashless initiatives.
The bank has secured a principal licence from Master Card Worldwide, which will allow it issue master card solutions to all the market segments in Nigeria.
The licence also allows the bank to acquire transactions and bring in other banks within and outside Nigeria.
The Division President, Master Card Worldwide, Sub-Sahara Africa, Mr. Daniel Monehin, speaking at the presentation ceremony at the bank’s corporate head office in Lagos, said the principal licence was the highest form of licence, which signifies top partnership between MasterCard, and its customers. 
“The principal licence is also an acquiring licence, which means master card customers who might want to extend the partnership to its banks in other African countries, will not need to be sponsored, because the principal license serves as a hub to acquiring another licence in other parts of the world,” he said.
 Monehin explained that Master card was an enabler, and not a single product solution, but a multiple product solution.
“From all forms of current accounts, savings accounts, commercial accounts, corporate account, public sector accounts, etc., Master card solutions will be a factor to drive the account to become fully electronic, thus enhancing the cashless initiative in the banking sector,” he said.
The Country Manger, Master Card Worldwide, West Africa, Mrs. Omokehinde Ojomuyide pledged the support of the group to provide technical support to the bank.
 “We have a team of very devoted people supporting the card business, and the kind of support we have put together for fidelity bank, is very interesting.  Such that, as long as the bank continues striving to grow the business, we will always be around to aid, vis-à-vis the market,” she said.
The Managing Director and Chief Executive Officer, Fidelity Bank, Mr. Reginald Ihejiahi said the bank was very excited about the opportunity and the event of the day, which is really not about the bank, but about the bank customers.
“We decided to bring in Master Card to offer our customers choice. Also those who are not yet customers of the Bank, can now come to Fidelity Bank, and receive all the products, and benefits of the Master  Card, the same way we have always enjoyed the benefits of other  Card products, which we always had.” he added:, “Looking at the way Master Card works, it gives a lot of benefits and opportunities to the customers, not minding the segment the customers belongs to, because it has the experience and product to support the ambitions of all segment,” he said.