Access Bank Group, a prominent multinational bank, announced today an innovative solution in partnership with Mastercard to increase access to international cash transfers and remittances to and from the African continent, thus bringing Africa closer to the global economy.
Using Mastercard Move’s network and financial capabilities, Access Bank will enable consumers and businesses to conduct instant, accessible, smooth, and cost-effective international transactions through its innovative Access Africa platform.
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The newly released system will be operational across Africa beginning today, with plans for additional expansion. The solution provides a worldwide gateway for businesses and individuals to take advantage of Access Bank Group’s extensive knowledge of African industries and forward-thinking vision, which aspires to achieve customers’ objectives through innovative product sets. This relationship, which combines Mastercard’s many complementary network assets with the treasury capabilities of Mastercard Move, provides clients with extra payment options.
Unlocking Opportunities for African Businesses Through Cross-Border Payments
Cross-border payments continue to play an essential role in Africa’s economy, with flows to Sub-Saharan Africa expected to rise by approximately 1.9% to $54 billion in 2023 as a result of solid remittance growth in Mozambique, Rwanda, and Ethiopia, with Nigeria accounting for 38% of remittance flows. Remittances to the region are expected to grow by 2.5% in 2024. B2B cross-border payments provide a lifeline to many enterprises that rely on regional and international trade to drive African economic growth.
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Robert Giles, Senior Advisory, Retail Banking, Access Bank, said, “We are thrilled to be working with Mastercard to advance financial stability in Africa through the Access Africa initiative. “By combining our strengths, we can unlock new opportunities, bridge the financial divide, and create a more equitable and prosperous future for all Africans.”
Customers in Access Bank’s African operational countries can now send and receive payments across borders through various channels, including bank accounts, smartphone wallets, cards, and cash.
“We are very proud to have empowered Access Customers of banks with new solutions that prioritise choice, security, and convenience. The partnership demonstrates Mastercard’s commitment to transforming payment experiences by bringing innovative payment solutions to the bank’s diverse customers while also expanding the reach of Mastercard’s financial and digital environment, ensuring millions from underserved communities can actively participate in the evolving financial and digital economy,” says Mark Elliott, Division President for Africa at Mastercard.
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Partners in Innovation: Fable Fintech, Access Africa, and Mastercard
Fable Fintech, an Express Partner of the Mastercard Move Partner Programme, was the solution’s technical implementation partner, working closely with Access Africa and Mastercard Move experts. Naushad Contractor, Co-Founder and CEO of Fable Fintech stated, “We were privileged to be at the centre of the excellent multi-country incorporation of one of Africa’s leading banks, leveraging Mastercard’s international assets. We look forward to partnering on more innovative solutions to empower the lives of African customers and businesses.
This revolutionary partnership marks a significant advancement towards creating a more beneficial financial ecosystem in Africa, with both parties committed to actively utilising their combined strengths, resources, and expertise to drive meaningful change and improve financial literacy for millions across the African continent.