Home Business Banking & Finance Access Bank, Mastercard forge partnership on cross-border payments, remittances

Access Bank, Mastercard forge partnership on cross-border payments, remittances

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Access Bank Group, has partnered with Mastercard to expand access to cross-border payments and remittances to and from the continent, bringing Africa closer to the global economy.

By leveraging the network and treasury capabilities of Mastercard Move, Access Bank, through its cutting-edge Access Africa platform shall empower individuals and businesses to enjoy instant, traceable, seamless, and cost-effective international transactions.

Effective on 8 May 2024, the newly launched solution will be operational across Africa, with expansion plans in place for further penetration across the continent.

Cross-border remittances continue to play an important role in Africa’s economy, with flows to Sub-Saharan Africa increasing by approximately 1.9 per cent in 2023 to $54 billion as a result of strong remittance growth in Mozambique, Rwanda and Ethiopia, with Nigeria accounting for 38 per cent of the remittance flows. In 2024, remittance flows to the region are projected to increase by 2.5 per cent. B2B Cross Border payments serve as a lifeline to a large section of businesses who are reliant on regional and international trade to fuel the growth of the African economies.

Speaking, senior advisory, Retail Banking, Access Bank, Robert Giles said “We are thrilled to collaborate with Mastercard to advance financial inclusion in Africa through the Access Africa initiative.

“By combining our strengths, we can unlock new opportunities, bridge the financial divide, and create a more inclusive and prosperous future for all Africans”.

He added that customers in Access Bank’s operating countries in Africa are now enabled to send and receive cross-border payments globally through to and from various channels including bank accounts, mobile wallets, cards, and cash.

Division president for Africa at Mastercard, Mark Elliott stated that “empowering Access Bank customers with innovative solutions that prioritise choice, security, and flexibility is an achievement that fills us with great pride”.

He noted that “this collaboration signifies our commitment to transforming payment experiences as it not only brings cutting-edge payment solutions to the bank’s diverse clientele, but also extends the reach of Mastercard’s financial and digital ecosystem, ensuring millions from underserved communities can actively participate in the evolving financial and digital economy”.

Fable Fintech, an Express Partner of the Mastercard Move Partner Program, was the technical implementation partner of the solution, effectively collaborating with both Access Africa and Mastercard Move experts.

Co-founder and CEO of Fable Fintech, Naushad Contractor added Wee were fortunate to be the fulcrum of the seamless multi-country integration of one of the largest banks in Africa using the network and resilience of Mastercard’s cross-border assets. We look forward to working on more innovative solutions that will empower the lives of African customers and businesses”.

This groundbreaking collaboration represents a significant step towards creating a more inclusive financial ecosystem in Africa, with both parties determined to continue actively leveraging their collective strengths, resources, and expertise to drive meaningful change and financial inclusion for millions across the continent.

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