The largest bank in Nigeria, Access Bank, which has operations in 17 nations, has joined with the digital payments network MFS Africa to expand AccessAfrica’s remittance corridors.
AccessAfrica is a service offered by Access Bank that enables clients to send and receive money from friends, family, and business associates conveniently around the world.
By facilitating real-time, affordable cross-border payments for people and businesses who wish to send money to their families overseas or assist trade transactions, the alliance will simplify transfers for AccessAfrica clients. Via MFS Africa’s partners, AccessAfrica users will be able to accept payments from all around the world.
Senior Banking Advisor, Retail, Access Bank Robert Giles commented on the partnership with MFS Africa and said, “This partnership builds on the existing cross-border payment infrastructure by Access Bank and would facilitate payments to more African corridors, increasing the number of countries we can send instant payments through Access Africa to. Our collaboration with MFS Africa and access to hundreds of millions of consumers in the new markets will make it easier for our clients to receive and send payments, promoting more economic inclusion through trade and assisting international families. Moreover, this moves us closer to democratizing access to payments through accessible, secure, and dependable systems and becoming “Africa’s gateway to the world.
The collaboration reinforces MFS Africa’s dedication to reducing the importance of borders for people and organizations across the continent, eventually promoting financial inclusion. Through this partnership, we will be able to reach potentially 400 million mobile wallets and more than 130 banks across more than 35 African countries with Access instant outbound remittance, allowing thousands of people and businesses across the continent to receive payments in real time from Nigeria while also enhancing convenience and facilitating trade with nearby nations and beyond. At MFS Africa, our mission has always been to improve the African continent by providing sustainable and accessible financial services. According to Dare Okoudjou, CEO of MFS Africa, “partnering with Access Bank, who shares this mindset, made full sense.
Around 200 million family members, the most of whom reside in rural regions, benefited from migrant workers’ over US$95 billion in transfers to and within Africa in 2021, according to the International Fund for Agricultural Development, or IFAD. Access Bank will be able to transmit payments and remittances to MFS Africa’s reach of over 400 million mobile money wallets and over 200 million bank accounts across more than 35 African markets by connecting to MFS Africa’s hub.