Access Bank Group, a leading multinational bank, has launched a groundbreaking solution in partnership with Mastercard to expand access to cross-border payments and remittances across Africa. This innovative collaboration aims to bring the continent closer to the global economy.
Through Access Bank's cutting-edge Access Africa platform, individuals and businesses can now enjoy instant, traceable, seamless, and cost-effective international transactions. This solution leverages Mastercard's network and treasury capabilities, empowering customers with more choices in their payment methods.
The newly launched solution is operational across Africa, with plans for further expansion. Cross-border remittances play a vital role in Africa's economy, with flows to Sub-Saharan Africa increasing by 1.9% in 2023 to $54 billion. Remittance flows are projected to increase by 2.5% in 2024.
B2B cross-border payments are crucial for businesses reliant on regional and international trade. Robert Giles, Senior Advisory, Retail Banking, Access Bank, expressed excitement about the collaboration, stating, "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 can now send and receive cross-border payments globally through various channels. Mark Elliott, Division President for Africa at Mastercard, emphasized the significance of this collaboration, saying, "This partnership 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."
Fable Fintech, a technical implementation partner, collaborated with Access Africa and Mastercard Move experts to bring this solution to life. Naushad Contractor, Co-Founder and CEO of Fable Fintech, highlighted the importance of seamless integration, saying, "We look forward to working on more innovative solutions that will empower the lives of African customers and businesses."
This collaboration marks a significant step towards creating a more inclusive financial ecosystem in Africa, with both parties committed to driving meaningful change and financial inclusion for millions across the continent.
