Access Bank Collaborates With Mastercard to Facilitate Cross-border Payments For African Businesses And Consumers

Access Bank Group, in partnership with Mastercard, has introduced a groundbreaking solution aimed at broadening access to cross-border payments and remittances to and from Africa, facilitating closer integration with the global economy.

Through harnessing the network and treasury functionalities of Mastercard Move, Access Bank, via its advanced Access Africa platform, will enable individuals and businesses to benefit from instant, traceable, seamless, and affordable international transactions.

Effective today, the newly launched solution will be operational across Africa, with expansion plans in place for further penetration across the continent.

This solution presents a global gateway for businesses and individuals, leveraging Access Bank Group’s profound understanding of African markets and its forward-thinking vision to fulfill customers’ aspirations through innovative product offerings.

By integrating Mastercard’s diverse network assets and the treasury capabilities of Mastercard Move, this collaboration provides customers with expanded options for payment methods.

Cross-border remittances remain integral to Africa’s economy, with flows to Sub-Saharan Africa increasing by approximately 1.9% in 2023 to $54 billion. Strong remittance growth in Mozambique, Rwanda, and Ethiopia contributed to this increase, with Nigeria alone accounting for 38% of the remittance flows.

Speaking at a joint press conference, Chizoma Okoli, the group deputy managing director, Access Bank, said that Access Bank’s partnership with Mastercard is a testament to the strong alliance between the two organizations notable for innovation and customer-centered approach.

“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 added.

“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 to and from various channels including bank accounts, mobile wallets, cards, and cash.

“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,” adds Mark Elliott, division president for Africa at Mastercard.

Also speaking, Folasade Femi-Lawal, the country manager for West Africa at Mastercard 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% of the world’s population.