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Launching the innovative Amphi card: ProvidusBank and MasterCard alliance to support businesses and promote small and medium-sized projects in Africa

ProvidusBank Limited has partnered with MasterCard to introduce innovative payment solutions for corporate clients, aiming to streamline financial operations for both payments and collections.

The “Amphi Card,” the first of its kind in the Middle East and Africa, demonstrates the institution’s commitment to innovation, as affirmed by Mr. Walter Akpani, the bank’s CEO. He expressed gratitude to MasterCard for their partnership, emphasizing their mutual aim to pioneer new methods, acknowledging that such achievements aren’t possible in isolation.

Mr. Akpani described the card as part of the bank’s ongoing pursuit of innovation, stating that the boundaries of innovation are limitless, and their continuous intellectual drive aims to create novel solutions. Ultimately, customers benefit from this push toward innovation.

He reassured the bank’s customers of their priority in meeting their needs, delivering specially crafted solutions to enhance business growth. Additionally, Mr. Kingsley Aigbokhaevbo, the bank’s Vice President, highlighted how the new product significantly reduces expenses for small and medium-sized enterprises.

Representing MasterCard, Carrie Tucore, Vice President of Customer Service Solutions for East Africa, West Africa, and the Indian Ocean, lauded the Amphi Card as the first dual-function card launched in Eastern Europe, the Middle East, and Africa. She expressed enthusiasm as a technology company involved in payment solutions, aiming to make life easier for everyone by introducing digital and financial technology that fundamentally changes the landscape of payments and collections.

Furthermore, emphasizing the pivotal role of small and medium-sized enterprises (SMEs) in the global economy, a representative from the Bank of Industry (BOI), Chike Chukwuelu, Director of Corporate Finance, highlighted the bank’s active participation in Africa’s innovative landscape. The BOI collaborates with commercial banks to provide reasonably priced loans to SMEs and offers a diverse range of products directly benefiting these enterprises.

According to Chukwuelu, statistics indicate that SMEs contributed over 48% of Nigeria’s Gross Domestic Product (GDP) in 2022, representing more than 90% of companies and 80% of employment opportunities, solidifying their position as the backbone of the Nigerian economy.

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