Nigerians in the diaspora have long grappled with the challenges of sending money home, often facing high costs and inefficiencies in cross-border payment systems.

FCMB, a leading financial services holding company headquartered in Lagos, sought to address this gap by facilitating payments for International Money Transfer Operators (IMTOs) abroad so payments made through these IMTOs by remitters can reach beneficiaries back home, fast and cost-effectively.

Challenges

To realise this goal, FCMB needed a robust cross-border payment switch. This platform would serve as a single touchpoint for multiple IMTOs to connect seamlessly with FCMB’s core banking system. The solution had to manage disbursements of funds from IMTOs into FCMB accounts, handle payments to other local bank accounts through FCMB, and ensure secure, efficient processing of cross-border payment instructions via APIs.

However, building such a sophisticated system presented a significant challenge. The platform required seamless integration with IMTO systems while supporting diverse payout options for beneficiaries across Nigeria. With its core focus on financial services, FCMB needed a trusted financial technology partner with a proven track record in cross-border payment solutions to bring this project to life.

Recognizing FinCode’s expertise in building white-label financial technology products, FCMB tasked us with designing and deploying a platform that would underpin their Pan-African cross-border payment business.

Solution:

FinCode designed and deployed a state-of-the-art cross-border payment hub that connected FCMB to multiple IMTOs abroad, and local banks in Nigeria and enabled efficient collection and disbursement of remittances to Nigeria.

By integrating with FCMB’s core banking and transaction security systems; Active Directory, and executing robust payment, reporting and user management systems, FinCode ensured the platform was efficient, secure and highly scalable.

The success of the new platform saw FCMB processing millions of dollars worth of transactions annually for foreign IMTOs. Its compliance-first approach builds trust by meeting stringent security and operational standards, while 24/7 intercontinental client support ensures uninterrupted service.

With this innovative solution, FCMB now offers a comprehensive suite of remittance options, including bank transfers, mobile money, cash pickups, bill payments, and aid disbursements.

Results

The outcome of the FCMB-FinCode partnership included but was not limited to:

• Enhanced Financial Inclusion: The platform bridged gaps in financial services, allowing millions of Africans to access affordable remittance channels and essential financial services.
• Impact on African Trade: Reduced transaction costs and faster processing times strengthen economic connections and facilitate cross-border trade.
• Seamless Payments: Transactions that previously took days are now processed in seconds, covering bank transfers, mobile money, and more.
• Empowering FCMB: By fostering direct relationships with remittance companies and banks, the platform boosts FCMB’s ability to deliver competitive, sustainable services.
• A Unified Payment Hub:FCMB now provides diverse, secure, and compliant services to meet customer needs across Africa.

The deployment of FinCode’s cross-border payment platform enabled FCMB to expand its services beyond Nigeria, positioning the bank as a significant player in the international remittance market, enhancing financial inclusion for diasporan Africans and bolstering profitability.

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