Mastercard and Access Bank Group target African remittance market

Mastercard and Access Bank Group target African remittance market

Access Bank Group, a multinational bank, says it has today launched an innovative solution in collaboration with payments giant Mastercard to expand access to cross-border payments and remittances to and from the African continent.

By leveraging the network and treasury capabilities of the Mastercard Move Partner Programme (described as a global community of technology innovators collaborating for success in digital payments around the world), Access Bank, through its Access Africa platform, aims to empower individuals and businesses to enjoy instant, traceable, seamless and cost-effective international transactions.

The newly launched solution is now operational across Africa, with expansion plans in place for further penetration across the continent.

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.

The solution, say the partners, offers a global gateway for businesses and individuals that are leveraging Access Bank Group’s deep understanding of African markets and forward-looking vision that aims to realise customers' aspirations through innovative product sets. Bringing together Mastercard’s multiple complementary network assets and the treasury capabilities of Mastercard Move, this collaboration offers customers more choices with their payment means.

Fable Fintech, an Express Partner of the Mastercard Move Partner Programme, was the technical implementation partner of the solution, collaborating with both Access Africa and Mastercard Move experts.

This is the latest in a number of remittance announcements in the African market in 2023 and 2024. It’s hardly surprising. As the partners point out, cross-border remittances continue to play an important role in Africa’s economy, with flows to sub-Saharan Africa increasing by approximately 1.9% in 2023 to US$54 billion.


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