Access Bank Group has launched a new solution in collaboration with Mastercard to expand access to cross-border payments and remittances to and from the continent.
By leveraging the network and treasury capabilities of Mastercard Move, Access Bank will offer instant, traceable, seamless, and cost-effective international transactions across Africa.
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%.
“We are thrilled to collaborate with Mastercard to advance financial inclusion in Africa through the Access Africa initiative,” says Robert Giles, senior advisory: retail banking at 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.”
Mark Elliott, division president for Africa at Mastercard, comments: “Empowering Access Bank customers with innovative solutions that prioritise 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.”
Fable Fintech, an Express Partner of the Mastercard Move Partner Program, was the technical implementation partner of the solution, collaborating with both Access Africa and Mastercard Move experts.
Naushad Contractor, co-founder and CEO of Fable Fintech, says: “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.”