ProvidusBank & Mastercard to drive financial inclusion for MSMEs in Nigeria

By Delisha Fernandes

ProvidusBank and Mastercard have announced a new payment solution to accelerate digital inclusion in Nigeria and across Africa. The solution, called the Providus Amphi Card, is set to render seamless self-services to SMEs, merchants, and businesses with a special focus on cash-centric entities.

Through the solution, cardholders will also gain access to Mastercard’s SME benefits programmes such as the Entrepreneur Odyssey; a platform that provides business training content for micro and small businesses, and Easy Savings Specials; a platform where MSMEs can access discounted Value-Added Services from global and local third-party vendors.

Walter Akpani, Managing Director and Chief Executive Officer of ProvidusBank, said, “The Providus Amphi Card presents us an opportunity to demonstrate this commitment as we unpack the tremendous benefits it introduces to our customers, especially small businesses which remain the fulcrum of the economy. Through the introduction of the Amphi Card, we are once again revolutionizing payments in Nigeria. Each card is equipped with an imprinted QR code, seamlessly enhancing the banking experience and adding an extra layer of convenience and efficiency.”

The Providus Amphi Card features exciting benefits, acting as an extra avenue for collections and revenue generation and providing features including innovative QR payment, expense reduction, cashback or discounts, and more – driving convenience for cardholders across the payment ecosystem.

Additionally, it enables collection and payment and provides businesses with a versatile tool for everyday transactions, leveraging Mastercard’s Payment Gateway Services (MPGS) accessed through the unique QR codes imprinted on each card.

“Africa has made commendable progress in transitioning towards a cashless society. However, further penetration and the introduction of innovative solutions remain essential for driving the financial inclusion of underserved communities and segments, especially cash-centric small businesses. As such, we are proud to collaborate once again with ProvidusBank to launch the first QR on Card launch across the region. Empowering these businesses with innovative, safe, secure, and efficient digital solutions will not only enhance financial inclusion but also drive rural development and fortify the resilience of the overall economy,” said Mark Elliott, Division President for Sub-Saharan Africa at Mastercard.