Business and Economy

Access Bank expands AccessAfrica Cross-Border Payment Solution beyond Africa

Access Bank, Nigeria’s largest bank, and MasterCard have partnered to revitalize Africa’s payment system. This collaboration aims to provide businesses with a fast, secure, transparent, and traceable payment solution at competitive rates. Access Bank will expand its AccessAfrica payment platform beyond Africa, promoting financial inclusion. This partnership allows businesses and consumers to send and receive international payments to and from over 150 countries, reducing costs and optimizing liquidity. This innovative solution brings Africa closer to the global economy.

Access Bank, utilizing the network and treasury capabilities of MasterCard Move, will enable individuals and businesses to conduct instant, traceable, seamless, and cost-effective international transactions through its cutting-edge AccessAfrica platform. The solution was launched last Wednesday and is now operational across Africa, with plans for further expansion across the continent. By leveraging MasterCard’s network assets and treasury capabilities, customers will have more payment options available to them. Cross-border remittances remain crucial to Africa’s economy, with significant growth seen in countries like Mozambique, Rwanda, and Ethiopia, and Nigeria accounting for a large portion of the remittance flows.

In 2024, the region is expected to see a 2.5% increase in remittance flows, with B2B Cross Border payments playing a crucial role in supporting businesses reliant on regional and international trade for African economic growth.

During the collaboration launch, Chioma Okoli, Deputy MD at Access Bank Plc, emphasized the partnership with MasterCard as key to reinforcing Access Bank’s commitment to innovation and customer service excellence. She expressed excitement about meeting customer needs and appreciated MasterCard’s dedication. This partnership showcases Access Bank’s dedication to innovation and exceptional service, seeking collaborations with global companies like MasterCard to provide top-tier service.

Robert Giles, Senior Advisory at Access Bank, also expressed enthusiasm for collaborating with MasterCard to promote financial inclusion in Africa through the Access Africa initiative. He highlighted the potential of combining strengths to unlock new opportunities, bridge the financial divide, and create a more inclusive and prosperous future for all Africans.

Funmilayo Afolabi, Group Head of Payment and Remittance at Access Bank, highlighted that Access Africa offers accessible and cost-effective business transactions with almost instant processing, emphasizing the bank’s dedication to providing top-notch services through collaboration with MasterCard.

Mark Elliott, Division President for Africa at Mastercard, expressed pride in empowering Access Bank customers with innovative solutions prioritizing choice, security, and flexibility. The collaboration reflects their commitment to enhancing payment experiences and expanding financial inclusion. Fable Fintech, an Express Partner of the Mastercard Move Partner Program, played a crucial role in the technical implementation of the solution, working closely with Access Africa and Mastercard Move experts. Naushad Contractor, Co-Founder and CEO of Fable Fintech, expressed gratitude for being part of the seamless integration of one of Africa’s largest banks using Mastercard’s cross-border assets and looks forward to developing more innovative solutions for African customers and businesses.

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