Access Bank, Mastercard Join Forces To Revolutionize Cross-Border Payments In Africa
In a groundbreaking partnership, Access Bank Group and Mastercard are changing the game for cross-border payments and remittances in Africa.
By combining their expertise and cutting-edge technology, they’re making it easier, faster, and more cost-effective for individuals and businesses to connect with the global economy.
Through Access Bank’s innovative Access Africa platform and Mastercard’s powerful move solution, customers can now enjoy seamless, traceable, and secure international transactions. This collaboration is a huge step forward for financial inclusion in Africa, bridging the financial divide and creating new opportunities for growth and prosperity.
With cross-border remittances playing a vital role in Africa’s economy, this partnership comes at a crucial time. In 2023, remittance flows to Sub-Saharan Africa increased by 1.9% to $54bn, with Nigeria accounting for 38% of the flows. And with remittance flows expected to grow by 2.5% in 2024, this solution is poised to make a significant impact.
By leveraging Mastercard’s extensive network and treasury capabilities, Access Bank customers can now send and receive cross-border payments globally through various channels, including bank accounts, mobile wallets, cards, and cash. This collaboration is a testament to the power of partnership and innovation in driving financial inclusion and economic growth.
“We’re thrilled to join forces with Mastercard to unlock new opportunities for Africans,” said Robert Giles, Senior Advisory, Retail Banking, Access Bank. “Together, we can create a more inclusive and prosperous future for all.”
Mark Elliott, Division President for Africa at Mastercard, added: “Empowering Access Bank customers with innovative solutions that prioritize choice, security, and flexibility is a remarkable achievement. This collaboration 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, the technical implementation partner, played a crucial role in bringing this solution to life. Naushad Contractor, Co-Founder and CEO of Fable Fintech, said: “We’re proud to have been part of this seamless multi-country integration, leveraging Mastercard’s cross-border assets to empower African customers and businesses.”
This partnership is a shining example of what can be achieved when industry leaders come together to drive meaningful change and financial inclusion. With Access Bank and Mastercard at the helm, the future of cross-border payments in Africa looks brighter than ever.
