Access Bank, has partnered with Mastercard to expand access to cross-border payments and remittances to and from the African continent.
Specifically, the bank will leverage the network and treasury capabilities of Mastercard Move. The bank will empower individuals and businesses to enjoy instant, traceable, seamless, and cost-effective international transactions.
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.
Combining Mastercard’s network assets and the treasury capabilities of Mastercard Move, gives customers more choices with their payment means.
$54bn: the value of remittances to sub-Saharan Africa in 2023
Cross-border remittances continue to play an important role in Africa’s economy. Flows to sub-Saharan Africa increased by approximately 1.9% in 2023 to $54bn. This results from 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. They 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. “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 prioritise choice, security, and flexibility fills us with great pride. This collaboration signifies our commitment to transforming payment experiences. It not only brings cutting-edge payment solutions to the bank’s diverse clientele. It also extends the reach of Mastercard’s financial and digital ecosystem. It ensures 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: technical implementation partner
Fable Fintech, an Express Partner of the Mastercard Move Partner Program, was the technical implementation partner of the solution. 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.”
The groundbreaking collaboration represents a significant step towards creating a more inclusive financial ecosystem in Africa.
