MFS Africa, an African digital payment network, has partnered with the Access Bank of Nigeria to expand the number of remittance corridors available through AccessAfrica.
AccessAfrica is a payments system designed to facilitate global payments conducted from person to person (P2P), business to person (B2P), person to business (P2B), government to person (G2P), and any other payment activities or flows.
Benefits Of the Partnership
The partnership will enable streamlined transfers for AccessAfrica customers while also enabling real-time, cost-effective cross-border payments for individuals and businesses who want to send financial support to their families abroad or facilitate trade transactions.
This will be possible because of the partnership’s ability to enable real-time, cross-border payments. With MFS Africa partners, users of AccessAfrica will also have the ability to accept payments from locations all over the world.
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Robert Giles, Senior Banking Advisor for Retail at MFS Africa and Access Bank commented on the partnership as follows: “This partnership builds on the existing cross-border payment infrastructure by Access Bank and would facilitate payments to more African corridors, increasing the number of countries to which we can send instant payments through Access Africa.
“Through our cooperation with MFS Africa and access to hundreds of millions of people in the new markets, we will be able to assist our clients in paying and being paid, thus encouraging more economic inclusion through commerce and assisting families who are separated by international borders.”
The most important aspect of this is that it moves us closer to our goal of becoming “Africa’s door to the world” and democratising access to payment platforms by making them more accessible, secure, and dependable.
More On The Access Bank and MFS Africa Partnership
“The agreement reaffirms MFS Africa’s commitment to reducing the significance of borders for individuals and organisations across the continent, which will eventually promote financial inclusion. Because of this partnership, we will be able to extend the reach of our Access instant outbound remittance service to potentially 400 million mobile wallets and more than 130 banks in over 35 African countries.
This will make it possible for thousands of people and businesses all over the continent to receive payments in real-time from Nigeria, as well as improve the convenience of trade with neighbouring countries and further afield. MFS Africa’s primary mission has always been to contribute to the economic growth of the African continent by providing financial services that are both environmentally responsible and easily accessible.
According to Dare Okoudjou, Chief Executive Officer of MFS Africa, forming a partnership with Access Bank, which shares this culture, made perfect sense.
The International Fund for Agricultural Development (IFAD) estimates that migrant workers sent over US$95 billion to and within Africa in 2021. As a result, over 200 million family members, the vast majority of whom live in rural areas, benefited from these financial transfers. Access Bank will be able to transmit remittances and payments to MFS Africa’s footprint of more than 400 million mobile money wallets and more than 200 million bank accounts across more than 35 African markets once it gains access to the hub operated by MFS Africa.