Access Bank Group, in partnership with Mastercard, has introduced a groundbreaking solution aimed at revolutionizing cross-border payments and remittances in Africa. The initiative, launched under the Access Africa platform, seeks to enhance accessibility and efficiency in international transactions, bridging the gap between the continent and the global economy.
By harnessing the network and treasury capabilities of Mastercard Move, Access Bank is set to empower individuals and businesses with instant, traceable, and cost-effective cross-border transactions through its innovative Access Africa platform. This collaborative effort promises to provide customers with a seamless payment experience while ensuring compliance with regulatory standards across African markets where Access Bank operates.
The joint venture comes at a crucial time when cross-border remittances play a vital role in Africa’s economic landscape, with Nigeria alone contributing significantly to the total remittance flows in the region. As such, the solution aims to serve as a lifeline for businesses reliant on regional and international trade to drive economic growth.
Speaking at a joint press conference, Chizoma Okoli, Deputy Managing Director of Access Bank, highlighted the strategic partnership with Mastercard as a testament to their shared commitment to innovation and customer-centricity. Okoli affirmed the organization’s dedication to regulatory compliance and assured customers of expedited transactions through the cross-border money movement solution.
Robert Giles, Senior Advisory in Retail Banking at Access Bank, expressed enthusiasm for the collaboration, emphasizing its potential to advance financial inclusion in Africa through the Access Africa initiative. The partnership seeks to unlock new opportunities and create a more inclusive and prosperous future for all Africans.
Customers across Access Bank’s operating countries in Africa can now access cross-border payment services globally, including bank accounts, mobile wallets, cards, and cash. Mark Elliott, Division President for Africa at Mastercard, hailed the collaboration as a milestone achievement, underscoring its role in transforming payment experiences and extending financial access to underserved communities.
Folasade Femi-Lawal, Mastercard Country Manager for West Africa, lauded the partnership for establishing a strong presence in the region and facilitating access to Mastercard’s cross-border services. Femi-Lawal emphasized the service’s contribution to financial inclusion, enabling individuals and businesses to securely send and receive money worldwide.
The technical implementation of the solution was facilitated by Fable Fintech, an Express Partner of the Mastercard Move Partner Program. Naushad Contractor, Co-Founder, and CEO of Fable Fintech expressed optimism about empowering African customers and businesses through innovative solutions.
In conclusion, the collaboration between Access Bank and Mastercard represents a significant stride towards creating a more inclusive financial ecosystem in Africa. With a shared commitment to driving meaningful change and financial inclusion, both entities are poised to leverage their collective strengths to empower millions across the continent.
