African digital payments network MFS Africa has announced another deal targeting the remittance market. This time it is partnering Nigeria’s Access Bank to enable outward remittances from Kenya and Nigeria.
Access Bank, Nigeria’s largest bank, operates across 17 markets. This partnership will provide simplified transfers for customers of AccessAfrica (a payments product designed to simplify global payments), 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. AccessAfrica customers will also be able to receive payments from all over the world through MFS Africa partners.
Commenting on the partnership with MFS Africa, which operates in over 35 African countries, Senior Banking Advisor, Retail, Access Bank, Robert Giles said, “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 we can send instant payments through AccessAfrica to.”
According to the International Fund for Agricultural Development, IFAD, migrant workers sent over US$95 billion to and within Africa in 2021, benefiting over 200 million family members, the majority of whom live in rural areas. Through accessing MFS Africa’s hub, Access Bank says it will be able to send remittances and payments to MFS Africa’s footprint of over 400 million mobile money wallets, and over 200 million bank accounts across more than 35 African markets.
MFS Africa is having a busy year in the remittance market. In February we reported that intra-African cross-border remittances and digital wallet company EziPay had partnered with MFS Africa to bring last-mile connectivity for remittances and collections to and from mobile money wallets and bank accounts in Africa.
