• Thursday, June 20, 2024
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Access Bank, Mastercard move to enhance cross-border transactions

Access bank supports women entrepreneurs to tap $2bn event industry opportunity

Access Bank in partnership with Mastercard is transforming international transactions, making them more accessible and affordable for businesses and individuals across Africa.

Access Bank’s innovative Access Africa platform will facilitate instant, traceable, seamless, and cost-effective cross-border payments and remittances through the utilization of Mastercard Move’s network and treasury capabilities.

Effective May 8, 2024, this groundbreaking solution will be operational continent-wide, with plans for further expansion across Africa. Leveraging Access Bank Group’s deep market understanding and forward-thinking approach, the initiative aims to realize customers’ aspirations by offering innovative product sets. By integrating Mastercard’s diverse network assets and treasury capabilities, this collaboration provides customers with a wider array of payment options.

Cross-border remittances play a crucial role in Africa’s economy, with Sub-Saharan Africa experiencing a 1.9 percent increase in flows to $54 billion in 2023. Strong growth in remittances was observed in countries like Mozambique, Rwanda, and Ethiopia, with Nigeria alone accounting for 38 percent of the total flows. In 2024, remittance flows to the region are expected to grow by 2.5 percent. Additionally, B2B cross-border payments serve as a vital lifeline for many businesses, driving the growth of African economies through regional and international trade.

Addressing the audience during the launch event, Chizoma Okoli, Access Bank’s deputy managing director, emphasized the bank’s commitment to providing top-notch services to its customers. Okoli underscored the significance of the partnership with Mastercard, highlighting Access Bank’s ongoing efforts to forge strategic alliances that align with its overarching objectives and aspirations.

“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.

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. Naushad Contractor, Co-Founder and CEO of Fable Fintech added: “We were fortunate 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.”

This groundbreaking collaboration represents 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.