Access Bank Group, a leading multinational bank, has launched an innovative solution in collaboration 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 today, the
newly launched solution will be operational across Africa, with expansion plans
in place for further penetration across the continent. The solution offers a
global gateway for businesses and individuals that are leveraging Access Bank
Group’s deep understanding of the African markets and forward-looking vision
that aims to realise customers aspirations through innovative product sets. Stitching together
Mastercard’s multiple complementary network assets and the treasury
capabilities of Mastercard Move, this collaboration offers customers more
choices with their payment means.
Cross-border
remittances continue to play an important role in Africa’s economy, with flows
to Sub-Saharan Africa increasing by approximately 1.9% in 2023 to $54
billion as a result of strong remittance growth in Mozambique,
Rwanda and Ethiopia, with Nigeria accounting for 38% of the remittance flows. In
2024, remittance flows to the region are projected to increase by 2.5%. 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.
“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.”
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.
“Empowering Access Bank customers with innovative solutions that
prioritize choice, security, and flexibility is an achievement that fills us
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," adds Mark Elliott,
Division President for Africa at Mastercard.
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. Naushad Contractor, Co-Founder and
CEO of Fable Fintech added: “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.”
By: Nana Appiah Acquaye
