Access Bank partners Mastercard on cross-border payments for African businesses

 

 

 

Access Bank Group and Mastercard have launched a unified cross-border money movement solution across various African markets, enabling businesses and consumers to send and receive international payments across more than 150 countries.

 

 

Under the partnership, Access Bank will provide a fast, assured-value, transparent and traceable payment origination and delivery solution at competitive rates and with a greater choice to the customer.

The partners said the collaboration underlines their commitment to the African economy by providing a financially inclusive solution that optimises liquidity and capital in the markets and reduces international transaction costs incurred by businesses and consumers while making and receiving international payments.

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 newly launched solution has become operational across Africa, with expansion plans in place for further penetration across the continent.

The solution offers a global gateway for businesses and individuals that are leveraging Access Bank Group’s deep understanding of the 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 per cent in 2023 to $54 billion as a result of strong remittance growth in Mozambique, Rwanda and Ethiopia, with Nigeria accounting for 38 per cent of the remittance flows.

In 2024, remittance flows to the region are projected to increase by 2.5 per cent. 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.

Group Deputy Managing Director, Access Bank, Chizoma Okoli, said that Access Bank’s partnership with Mastercard is a testament to the strong alliance between the two organisations notable for innovation and customer-centered approach.

Okoli noted that Access Bank and Mastercard 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 today cuts across various African markets where Access Bank operates, and we are working in compliance with the regulatory requirements of each of these countries. Access Bank remains a regulatory compliant entity. Our customers should expect speedy transactions through the unified cross-border money movement solution, like we have done with other solutions,” Okoli said.

Senior Advisory, Retail Banking, Access Bank, Robert Giles said the bank was 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,” Giles said.

According to him, 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.

Division President, Africa, Mastercard, Mark Elliot, said empowering Access Bank customers with innovative solutions that prioritise choice, security, and flexibility was an achievement that filled the company 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,” Elliott said.

Country Manager, West Africa, Mastercard, Folasade Femi-Lawal, said that Mastercard’s partnership-led approach has helped the company establish a strong presence in West Africa and Sub-Saharan Africa.

She added that with Access Bank on board, the customers will enjoy Mastercard cross-border services which allow individuals and businesses to send and receive money securely to 90 per cent of the world’s population.

According to her, 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.

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

Co-Founder and Chief Executive Officer, Fable Fintech, Naushad Contractor said it was a fortunate thing 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,” Contractor said.

The partners noted that the groundbreaking collaboration represented 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.