From John Silas, Lagos
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.
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.
According to Access Bank, the newly launched solution would be operational across Africa, with expansion plans in place for further penetration across the continent.
The solution, the group said 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% 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%. 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.
“We are thrilled to collaborate with Mastercard to advance financial inclusion in Africa through the Access Africa initiative,” said Robert Giles, Senior Advisory, Retail Banking, 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.”
Customers in Access Bank’s operating countries in Africa are now enabled to send and receive cross-border payments globally through and from various channels including bank accounts, mobile wallets, cards, and cash.
