Access Bank Group, one of Africa’s leading multinational banks, has embarked on an ambitious venture in partnership with Mastercard to revolutionize cross-border payments and remittances across the continent.
This strategic collaboration marks a significant milestone in enhancing Africa’s integration into the global economy, fostering economic growth, and empowering businesses and individuals alike.
The innovative solution, launched under the umbrella of Mastercard Move, harnesses the extensive network and treasury capabilities of Mastercard to provide seamless, efficient, and cost-effective international transactions. Through Access Bank’s state-of-the-art Access Africa platform, customers can now enjoy instant and traceable cross-border payments, unlocking new opportunities for trade and commerce.
Effective immediately, this groundbreaking solution is operational across Africa, with plans for further expansion to ensure broader coverage across the continent. By leveraging Access Bank Group’s profound understanding of African markets and its forward-thinking approach, the initiative aims to realize customers’ aspirations through a suite of innovative products and services tailored to their needs.
The collaboration between Access Bank and Mastercard points to the growing importance of cross-border remittances in Africa’s economy. In 2023, remittance flows to Sub-Saharan Africa witnessed a 1.9% increase, totaling $54 billion, driven by robust growth in countries like Mozambique, Rwanda, and Ethiopia, with Nigeria accounting for a significant portion of these inflows. Projections for 2024 indicate a further increase of 2.5% in remittance flows to the region.
Beyond remittances, cross-border payments play a pivotal role in supporting the growth of African economies, particularly for businesses engaged in regional and international trade. By offering a global gateway for businesses and individuals, the collaboration between Access Bank and Mastercard provides customers with a diverse range of payment options, facilitating smoother transactions and driving economic prosperity.
The Integration of MasterCard’s Extensive Network Assets And Treasury Capabilities
Central to this partnership is the integration of Mastercard’s extensive network assets and treasury capabilities, which complement Access Bank’s deep market insights and customer-centric approach. Together, they offer a comprehensive solution that meets the evolving needs of businesses and individuals in an increasingly interconnected world.
“We are thrilled to collaborate with Mastercard to advance financial inclusion in Africa through the Access Africa initiative,” said Robert Giles, Senior Advisory, Retail Banking, Access Bank. “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.
Customers in Access Bank’s operating countries in Africa, are now enabled to send and receive cross-border payments globally through and from various channels, including bank accounts, mobile wallets, cards, and cash.
Mark Elliott, division president for Africa at Mastercard noted that empowering Access Bank customers with innovative solutions that prioritise choice, security, and flexibility is an achievement that fills them with great pride.
“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.”
Mark Elliott
Fable Fintech, an Express Partner of the Mastercard Move Partner Programme, was the technical implementation partner of the solution, effectively collaborating with both Access Africa and Mastercard Move experts.
Naushad Contractor, Co-Founder and CEO of Fable Fintech, added saying “We 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 ground-breaking 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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