Access Bank, Mastercard, partner to expand cross-border payment in Africa

Access Bank Group has launched an innovative solution in collaboration with Mastercard to expand access to cross-border payments and remittances to and from the African continent, bringing the continent closer to the global economy.

By leveraging the network and treasury capabilities of Mastercard Move, Access Bank, through its cutting-edge Access Africa platform, will empower individuals and businesses to enjoy instant, traceable, seamless, and cost-effective international transactions to and from 150+ countries.

The collaboration underlines both organizations’ commitment to the African economy by providing a financially inclusive solution that optimizes liquidity and capital in the markets and reduces international transaction costs incurred by businesses and consumers while making and receiving international payments.

Speaking at the media launch in Lagos, Robert Giles, Senior Advisory, Retail Banking, Access Bank, said: “We are thrilled to collaborate with Mastercard to advance financial inclusion in Africa through the Access Africa initiative,” said “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.

“Effective today, the newly launched solution will be operational across Africa, with expansion plans in place for further penetration across the continent. The solution offers a global gateway for businesses and individuals that are leveraging Access Bank Group’s deep understanding of the African markets and forward-looking vision that aims to realise customers aspirations through innovative product sets,” Giles added.

Commenting, Mark Elliott, Division President for Africa at Mastercard, said: “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.”

Naushad Contractor, Co-Founder and CEO of Fable Fintech, an Express Partner of the Mastercard Move Partner Program and  the technical implementation partner of the solution, 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.”