Business and Economy

Fets and UnionPay to launch virtual cards in Nigeria

In an effort to increase the number of UPI cards issued in Nigeria, Funds & Electronic Transfer Solutions Limited (Fets) and UnionPay International have established a partnership to issue virtual cards via the Fets App.

UnionPay International, a global leader in payment services, and Fets, a supplier of cutting-edge payment solutions, have established a cooperation. Through the use of fets’ cutting-edge payment technology via the fetswallet App and UnionPay’s extensive acceptance network, this cooperation provides a comprehensive choice of payment possibilities. These solutions are designed to satisfy the ever-evolving demands of organizations and consumers in an increasingly digitally native and connected world.

Fets’ CEO, Omotade Odunowo, expressed excitement about the relationship during the signing of the Memorandum of Understanding, saying, “We are quite excited to collaborate with UnionPay to offer businesses and customers a more robust payment experience.” Through this relationship with UnionPay International, the Central Bank of Nigeria may advance financial inclusion and strengthen its cashless mission and strategy.

“This partnership will revolutionize our business model and reposition us for more efficiency in meeting the growing needs of our customer base” said Odunowo.

“We were very happy with this partnership,” stated Mr. Asad Burney, Head of UnionPay International Africa Branch, “as the first virtual card issuance with UPI in Nigeria.

The Chief Executive Officer of Fets, Omotade Odunowo, stated during the signing of the Memorandum of Understanding that “this partnership is a big step toward our continued goal of providing top-notch payment options.” Together with Fets, we’ll make it possible for companies to thrive in the digital economy while ensuring that customers can do business in a convenient and secure way.”

“With the growing trade volume between Africa particularly Nigeria and China, this partnership would leverage on UnionPay’s innovative products offerings, the global UnionPay network to complement the innovation drive of fets in electronic payment, financial inclusion, and cashless payment within Nigeria” , he stated.

The primary objective of the cooperation is to provide clients with a wider range of payment alternatives, including virtual cards, digital wallets, and other payment methods. Additionally, this collaboration enables consumers to reach a larger audience and more quickly penetrate overseas markets by accepting payments from clients globally.

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