Providus Bank Pioneers Dual-purpose Card For MSMEs

ProvidusBank Limited has collaborated with MasterCard to introduce an innovative payment solution for business customers in a bid to facilitate seamless transactions for both payment and collection purposes.

Speaking at the launching of the new solution named Amphi card, the first of its kind in the Middle East and African continent, the managing director of the Bank, Mr. Walter Akpani, emphasized the institution’s commitment to innovation.

He expressed gratitude to MasterCard for their partnership in the project, saying, “we want to pioneer new ways of doing things and that is not something we can do alone.”

Akpani described the card as part of the bank’s ongoing pursuit of innovation, saying, “The frontier of innovation never stops; we just have to continue to prod our intellectual abilities to do new things. At the end of it all, it is the customers that benefit from this push for innovation.”

He reassured the bank’s customers that they would remain at the forefront of addressing their needs, providing tailored solutions to foster business growth.

The deputy managing director, Mr. Kingsley Aigbokhaevbo, affirmed that the new product would significantly reduce expenses for MSMEs, describing it as a fantastic solution.

Vice-president Customer service solutions -East Africa & west Africa/Indian Oceans, MasterCard, Kari Tukur acknowledged the Amphi card as the first dual card launched in Eastern Europe, the Middle East, and Africa.

She said: “as a technology company in the payment industry, we are excited to be part of this innovative solution – a digital and financial technology that makes life different and easy for everyone. Today, we are launching a solution that embodies payment and collection, making it a true different and far-reaching solution.

“At MasterCard, we realised the pivotal role that MSMEs play in the global economy as they contribute significantly to the economic and job creation in its different markets.”

Highlighting the crucial role of MSMEs in the global economy, manager, corporate finance division of Bank of Industry (BOI), Chike Chukwuelue said the bank is actively involved in the innovation landscape in Africa, collaborating with commercial banks to provide affordable loans to SMEs. Additionally, the BOI offers various products directly benefiting SMEs.

According to him, statistics show that in 2022, MSMEs, contributed over 48 percent to Nigeria’s GDP and accounted for more than 90 percent of businesses and 80 percent of employment, thereby serving as the true backbone of the Nigerian economy.