Access to the Bank Group, has launched a solution in partnership with MasterCard to expand access to cross-border payments and remittances to and from the continent.
Details
By leveraging the capabilities of the network and its fund Mastercard MoveAccess Bank, through Access Africa’s platform, will enable individuals and businesses to enjoy instant, traceable, seamless and cost-effective international transactions.
The new solution will be operational across Africa, with expansion plans for further penetration across the continent.
Fintech mythAn Express Partner of the Mastercard Move Partner Program, he was the technical implementation partner for the solution, working effectively with both Access Africa and Mastercard Move experts.
The big picture
Cross-border remittances continue to play an important role in Africa’s economy, with flows to Sub-Saharan Africa increasing by about 1.9% in 2023 to $54 billion as a result of strong growth in remittances to Mozambique, Rwanda, and Ethiopiawith Nigerian accounting for 38% of remittance flows.
In 2024, remittance flows to the region are predicted 2.5% increase. Cross-border B2B payments serve as a lifeline for a large segment of businesses that depend on regional and international trade to fuel the growth of African economies.
What they say
“We are excited to partner with Mastercard to advance financial inclusion in Africa through the Access Africa initiative,” he said Robert GilesSenior Advisory, Retail Banking, Access Bank.
“By joining forces, we can unlock new opportunities, bridge the economic divide and create an inclusive and prosperous future for all Africans.”
“Empowering Access Bank customers with innovative solutions that prioritize choice, security and flexibility is an achievement that fills us with great pride.
This partnership signals our commitment to transform payment experiences as it not only brings cutting-edge payments solutions to the bank’s diverse customer base, but also extends the reach of Mastercard’s financial and digital ecosystem, ensuring that millions of underserved communities can participate active in the evolving financial and digital economy,” he adds Mark ElliottHead of Africa at Mastercard.
Naushad Contractor, The co-founder and CEO of Fable Fintech added:We were fortunate to be at the center of the seamless multi-country integration of one of the largest banks in Africa, leveraging 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.”
Zoom in
Customers in Access Bank’s countries of operation in Africa are now able to send and receive cross-border payments globally to and from multiple channels including bank accounts, mobile wallets, cards and cash.
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