Nigeria: Access Bank Partners Mastercard to Broaden Cross-border Payments, Boost Financial Inclusion across Africa

Access Bank and Mastercard have partnered to introduce a unified cross-border money movement solution across diverse African markets. This collaboration, unveiled in Lagos, aims to facilitate international payments for businesses and consumers in over 150 countries through Access Bank’s AccessAfrica payment platform.

By extending this service beyond Africa, Access Bank seeks to bolster financial inclusion while reducing transaction costs associated with international payments.

The partnership underscores the dedication of both entities to the African economy. Through this initiative, they are offering a financially inclusive solution that enhances liquidity and capital within the markets. Moreover, businesses and consumers stand to benefit from reduced international transaction expenses when sending and receiving payments globally.

Speaking at the launch, Deputy Managing Director, Access Bank, Chizoma Okoli,  said: “Our partnership with MasterCard indicates our focus on ensuring that we give our customers the required service they need and deserve. At Access Bank, we continue to look for partnerships that would support us in achieving our dreams and goals.”

Senior Advisory, Retail Banking, Access Bank, Robert Giles said: “We are thrilled to collaborate with Mastercard to advance financial inclusion in Africa through the Access Africa initiative. By combining our strengths, we can unlock new opportunities, bridge the financial divide, and create a more inclusive and prosperous future for all Africans.”

Also speaking, the Division President for Africa at Mastercard, Mark Elliott 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.”

Fable Fintech, an Express Partner within the Mastercard Move Partner Programme, serves as the technical implementation partner for the solution. By collaborating closely with both Access Africa and Mastercard Move experts, Fable Fintech plays a crucial role in bringing the solution to fruition.

The significance of cross-border remittances in Africa’s economy remains pronounced, with flows to Sub-Saharan Africa witnessing a 1.9% increase in 2023, reaching $54 billion. This growth is attributed to robust remittance performance in countries such as Mozambique, Rwanda, and Ethiopia, with Nigeria contributing 38% to the total remittance flows. Projections for 2024 indicate a further 2.5% increase in remittance flows to the region.