Business, News

Access Bank, Mastercard Expand Cross-Border Payments For African Businesses, Consumers

Leading multinational bank, Access Bank Group has launched an innovative solution in collaboration with Mastercard to expand access to cross-border payments and remittances to and from the continent, bringing Africa closer to the global economy.

L-R: Robert Giles, Senior Banking Advisor, Retail, Access Bank; Folasade Femi-Lawal, Country Manager, West Africa, Mastercard; Rosevelt Ogbonna, Group MD, Access Bank; Mark Elliott, Division President, Africa, Mastercard, Chizoma Okoli, Deputy MD, Access Bank; Seyi Kumapayi, Director, Access Bank African subsidiaries

By leveraging the network and treasury capabilities of Mastercard Move, Access Bank, through its cutting-edge Access Africa platform, shall empower individuals and businesses to enjoy instant, traceable, seamless, and cost-effective international transactions.

The solution is operational across Africa, with expansion plans for further penetration across the continent. It offers a global gateway for businesses and individuals that are leveraging Access Bank’s deep understanding of African markets and forward-looking vision that aims to realise customers aspirations through innovative product sets.

Stitching together Mastercard’s multiple complementary network assets and the treasury capabilities of Mastercard Move, this collaboration offers customers more choices with their payment means.

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.

See also  Access Bank Empowers CLOSA Agents With Solar Powered Fiber Kiosks

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 who are reliant on regional and international trade to fuel the growth of the African economies.

Access Bank Deputy Managing Director, Chizoma Okoli said:

“The partnership with Mastercard is a testament to the strong alliance between the organisations notable for innovation and customer-centered approach. Both have partnered on several initiatives, including the National Identity Smart Cards, Live B3ta, Prepaid cards, Access Pay and more.”

“The unified cross-border money movement solution we are launching cuts across African markets where Access Bank operates, and we are working in compliance with the regulatory requirements of these countries. Access Bank remains a regulatory compliant entity. Customers should expect speedy transactions through the cross-border money movement solution, like we have done with other solutions.”

Robert Giles, Senior Advisory, Retail Banking, Access Bank said:

“We are thrilled to collaborate with Mastercard to advance financial inclusion in Africa through the Access Africa initiative. By combining our strengths, 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.

Mark Elliott, Division President for Africa at Mastercard said:

“Empowering Access Bank customers with innovative solutions that prioritize 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.”

Also, Folasade Femi-Lawal, Mastercard Country Manager for West Africa, said:

“The partnership has helped the company to establish a strong presence in West and Sub-Saharan Africa. With Access Bank on board, customers will enjoy Mastercard cross-border services which allow individuals and businesses to send and receive money securely to 90% of the world’s population.”

“The service is part of the Mastercard Move portfolio of money movement capabilities, which can move money domestically and internationally to various endpoints, including bank accounts, digital wallets, cards, and cash.”

An Express Partner of Mastercard Move Partner Program, was the technical implementation partner of the solution, effectively collaborating with both Access Africa and Mastercard Move experts.

Its Co-Founder and CEO, Naushad Contractor said:

“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, with both parties determined to continue actively leveraging their collective strengths, resources, and expertise to drive meaningful change and financial inclusion for millions across the continent.