Lagos, Nigeria – In a move set to redefine international transactions for businesses and individuals across Africa, Access Bank Group and Mastercard have unveiled a groundbreaking, unified cross-border money movement solution. This collaboration leverages the robust capabilities of Mastercard Move and Access Bank’s innovative Access Africa platform to streamline and enhance the process of sending and receiving payments to and from over 150 countries.
For customers of Access Bank, this signifies a leap forward in accessing global financial networks. The newly launched service promises a suite of benefits, including accelerated transaction speeds, assured value delivery, enhanced transparency, and end-to-end payment traceability. These improvements are coupled with competitive pricing and greater flexibility in payment options, empowering customers with more control and efficiency in their international financial dealings.
This strategic alliance underscores a shared vision between Mastercard and Access Bank to bolster the African economy. By introducing a financially inclusive solution, both organizations are directly addressing critical market needs. The initiative is designed to optimize liquidity and capital flow within African markets, significantly reduce the costs associated with international transactions for both businesses and consumers, and ultimately foster greater participation in the global financial ecosystem.
Effective immediately, this cutting-edge solution is operational throughout Access Bank’s extensive network in Africa, with ambitious plans for further expansion across the continent. It acts as a vital global gateway, uniquely positioned to serve businesses and individuals by capitalizing on Access Bank Group’s profound understanding of the African financial landscape and its proactive approach to meeting evolving customer needs through innovative financial products. By seamlessly integrating Mastercard’s diverse network resources with the treasury functionalities of Mastercard Move, this partnership enriches customer choice and streamlines payment processes.
Cross-border remittances are a crucial economic engine for Africa. Sub-Saharan Africa witnessed a 1.9% increase in remittance inflows in 2023, reaching an impressive $54 billion. This growth was notably fueled by strong remittance activity in countries like Mozambique, Rwanda, and Ethiopia, with Nigeria alone accounting for 38% of these flows. Projections for 2024 indicate a further 2.5% rise in remittances to the region. Furthermore, Business-to-Business (B2B) cross-border payments are indispensable for many African businesses that rely on regional and international trade to drive economic expansion within the continent.
“Access Bank is excited to partner with Mastercard to champion financial inclusion across Africa through the Access Africa initiative,” stated Robert Giles, Senior Advisory, Retail Banking, Access Bank. “By combining our respective strengths, we are poised to unlock new opportunities, effectively bridge existing financial gaps, and contribute to building a more inclusive and prosperous future for all Africans.”
With the launch of this solution, Access Bank customers across its African operating countries can now seamlessly engage in cross-border transactions, sending and receiving payments through a variety of channels. These include traditional bank accounts, mobile wallets, credit and debit cards, and cash pick-up locations, offering unparalleled convenience and accessibility.
Mark Elliott, Division President for Africa at Mastercard, commented, “Mastercard takes immense pride in empowering Access Bank customers with pioneering solutions that prioritize choice, security, and adaptability. This collaboration marks a significant step in our ongoing commitment to revolutionize payment experiences. It not only delivers state-of-the-art payment technologies to Access Bank’s diverse customer base but also expands the influence of Mastercard’s financial and digital ecosystem, ensuring that millions within underserved communities can actively participate in the expanding digital economy.”
Fable Fintech, an Express Partner within the Mastercard Move Partner Program, played a pivotal role as the technical implementation partner for this solution. Naushad Contractor, Co-Founder and CEO of Fable Fintech, remarked, “We are honored to have facilitated the complex, multi-country integration for one of Africa’s largest banks, leveraging the robust network and resilience of Mastercard’s cross-border infrastructure. We are enthusiastic about future collaborations to develop more innovative solutions that will positively impact the lives of African customers and businesses.”
This landmark collaboration between Access Bank and Mastercard represents a significant stride towards creating a more integrated and accessible financial ecosystem in Africa. Both organizations are dedicated to leveraging their combined resources, expertise, and technological capabilities to drive meaningful progress and enhance financial inclusion for millions of people throughout the continent.
