• Monday, December 04, 2023
businessday logo


Access Africa, Thunes move to improve cross-border payments in Africa

Access Africa, Thunes move to improve cross-border payments in Africa

In an effort to streamline and simplify cross-border transfers and payments across Africa and beyond, Access Africa has formed a partnership with Thunes, a leading global payment infrastructure platform that connects over 130 countries into a single network offering its members seamless, interoperable, and frictionless cross-border payments.

The partnership will allow Access Africa to facilitate inbound and outbound cross-border payments in 13 markets: Botswana, Cameroon, Congo DR, Gambia, Ghana, Guinea, Kenya, Mozambique, Nigeria, Rwanda, Sierra Leone, South Africa, and Zambia.

Read also: Access Bank secures $60m facility from UK investment institute

According to Robert Giles, senior advisory retail, “This strategic partnership reinforces Access Africa’s commitment to providing customers and non-customers with access to top-quality remittance services. “Thunes is a cross-border payments network founded in 2016 that enables corporates and financial institutions to move funds seamlessly and provide financial services in emerging markets.

“Our partnership will significantly expand the reach of Access Africa’s payment and remittance services to over 100 more countries, and expose Thunes to all 60 million+ customers of Access Africa with over 600 branch locations.

Through this partnership, customers of Access Africa (both account and non-account holders) will be able to make simple international payments, as well as receive diaspora inflows in USD from countries in Africa, Americas, APAC, Europe, Greater China, and MENA, in the form of cash or bank deposits.

The partnership between Access Africa’s Payment and Remittance services and Thunes will bring the benefits of modern digital payment technology to the parties involved, addressing the frictions of the traditional bank-based cross-border payment flows, and making payments faster, easier, and more transparent.

This collaboration will bring significant improvements to the African Fintech ecosystem and payment infrastructure”. Rob said.

“Access Africa has been at the forefront of innovation in the African banking sector and is one of the largest banks on the continent. We are excited for the future of our partnership with Access Africa as we aim to enhance the connections between Africa and the rest of the world, bringing major improvements to customers who need to make regular cross-border payments to and from African markets,” said Aik Boon Tan, Executive Vice President for Thunes.

Read also: Access Bank invests N200bn in agribusiness as 10,000 farmers benefit

Access Africa is a Payment product designed to simplify Global payments by Person to Person, Business to Business, Person to Business, Government to Person, and any other payment activities/flows. It enables efficient and effective transfers including but not limited to school fees payments, merchant payments, e-commerce payments, trade payments, diaspora workers payments, etc.

Access Africa corridors include United Kingdom, China, Spain, Turkey, France, Italy, Germany, Cyprus, Norway, Austria, Switzerland, Belgium, India, Hong Kong, Ghana, Gambia, Rwanda, Zambia, Sierra Leone, Kenya, DR Congo, Mozambique, Guinea, Botswana and many more.