CEM REPORT, FINANCE | Providus Bank Limited has partnered with Mastercard to launch the groundbreaking Amphi card, a first-of-its-kind dual-purpose card designed to streamline payment and collection processes for micro, small, and medium enterprises (MSMEs) in Eastern Europe, the Middle East, and Africa.
Speaking at the launch event, Walter Akpani, Managing Director of Providus Bank, emphasized the institution’s commitment to innovation. He described the Amphi card as a testament to this commitment: “We want to pioneer new ways of doing things, and that’s not something we can do alone.”
Akpani further elaborated on the bank’s unwavering dedication to supporting businesses: “The frontier of innovation never stops. We have to continue pushing our intellectual abilities to do new things, and ultimately, it’s our customers who benefit from this drive.”
Amphi Card: Streamlining Transactions for MSMEs
The Amphi card offers a unique solution to address challenges faced by MSMEs in managing payments and collections. Kingsley Aigbokhaevbo, Deputy Managing Director of Providus Bank, described the product as a “fantastic solution” that will significantly reduce expenses for MSMEs.
Kari Tukur, Vice-president of Customer Service Solutions for Mastercard in East Africa, West Africa, and the Indian Oceans, acknowledged the Amphi card as a groundbreaking development: “As a technology company in the payments industry, we are thrilled to be part of this innovative solution. This digital and financial technology simplifies life for everyone. Today, we are launching a truly unique and far-reaching solution that combines both payment and collection functionalities.”
Mastercard and BOI Recognize the Significance of MSMEs
Tukur emphasized the crucial role of MSMEs in the global economy, highlighting their significant contributions to economic growth and job creation. Chike Chukwuelue, Manager of the Corporate Finance Division at the Bank of Industry (BOI), echoed this sentiment, reiterating BOI’s active involvement in fostering innovation within the African MSME landscape. He emphasized BOI’s dedication to collaborating with commercial banks to provide affordable loans and offer various products directly benefiting MSMEs.
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Chukwuelue provided statistics showcasing the substantial impact of MSMEs on the Nigerian economy. In 2022, MSMEs contributed over 48% to the country’s GDP and represented more than 90% of businesses and 80% of employment, solidifying their position as the backbone of the Nigerian economy.
The launch of the Amphi card marks a significant milestone in the financial landscape of Eastern Europe, the Middle East, and Africa. By providing MSMEs with a convenient and efficient solution for managing payments and collections, the Amphi card promises to empower these businesses and contribute to their continued growth and success. This collaborative effort between Providus Bank and Mastercard paves the way for further innovation within the financial services sector, ultimately leading to a more robust and inclusive economy for all.
ProvidusBank is one of the commercial banks in Nigeria licensed by the Central Bank of Nigeria. The bank says of itself according to the information on their official website;
“ProvidusBank is an innovative financial institution that provides personal, private, corporate, commercial and digital banking products and solutions. Our tailored financial services delivery includes: Business Advisory, Portfolio Management, Personalised Relationship Management, Fast-tracked Service delivery and Self-service solutions.
“ProvidusBank competitive advantage in Private, Institutional, Business and Personal Banking is driven by the philosophy to create support and value for Institutions, Agencies, SMEs and HNIs. Our business development strategy also focuses on developing expertise and collaborating to improve the non-oil (emerging) sector of the Nigerian Economy, which includes but not limited to Agriculture, Mining, Hospitality, E-commerce, and Art & Entertainment.
“At ProvidusBank, we believe that the New World of Fast, Smart, Personal, and Borderless banking relationship is here. We are therefore inspired by our Future Forward Banking ethos to make life (at work and leisure) more exciting for our partners with the use of cutting-edge technology that delivers best-in-class customer satisfaction.”
