Access Bank and Mastercard Launch Innovative Cross-Border Payment Solution in Africa

Access Bank Group, Nigeria's largest bank, has partnered with Mastercard to launch a cutting-edge cross-border payment and remittance solution, AccessAfrica, enabling fast, secure, and cost-effective international transactions across Africa and 150+ countries. This innovative solution aims to bridge the financial divide, promote economic growth, and increase financial inclusion across the continent." This description focuses on the primary topic of the article (the partnership and launch of AccessAfrica), the main entities involved (Access Bank Group and Mastercard), the context (Africa and international transactions), and the significant actions and implications (bridging the financial divide, promoting economic growth, and increasing financial inclusion). The description also provides objective and relevant details that will help an AI generate an accurate visual representation of the article's content, such as the logo of Access Bank Group and Mastercard, a map of Africa, or an image of international transactions.

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Bijay Laxmi
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Access Bank and Mastercard Launch Innovative Cross-Border Payment Solution in Africa

Access Bank and Mastercard Launch Innovative Cross-Border Payment Solution in Africa

Access Bank Group, Nigeria's largest bank, has partnered with Mastercard to launch a cutting-edge cross-border payment and remittance solution across Africa. The collaboration aims to provide businesses and individuals with a fast, secure, transparent, and cost-effective way to send and receive international payments to and from over 150 countries through Access Bank's AccessAfrica platform.

Why this matters: This innovative solution has the potential to bridge the financial divide in Africa, promoting economic growth and financial inclusion across the continent. By facilitating seamless and cost-effective international transactions, it can also boost regional and international trade, leading to increased economic opportunities and development.

The innovative solution, powered by Mastercard Move, enables instant, traceable, seamless, and cost-effective international transactions, bringing Africa closer to the global economy. It optimizes liquidity and capital in markets while reducing costs associated with international transactions. The partnership represents a significant step towards creating a more inclusive financial ecosystem in Africa.

Chioma Okoli, Deputy Managing Director at Access Bank Plc, emphasized the bank's dedication to innovation and exceptional service, stating, "This partnership showcases Access Bank's dedication to innovation and exceptional service, seeking collaborations with global companies like Mastercard to provide top-tier service." Robert Giles, Senior Advisory at Access Bank, expressed excitement about the collaboration, saying, "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."

Cross-border remittances remain crucial to Africa's economy, with significant growth seen in countries like Mozambique, Rwanda, and Ethiopia. Nigeria accounts for a large portion of the remittance flows, and the region is expected to see a 2.5% increase in remittance flows in 2024, with B2B cross-border payments playing a crucial role in supporting businesses reliant on regional and international trade for African economic growth.

Mark Elliott, Division President for Africa at Mastercard, expressed pride in empowering Access Bank customers with innovative solutions prioritizing choice, security, and flexibility. He added, "Empowering Access Bank customers with innovative solutions that prioritize choice, security, and flexibility are an achievement that fills us with great pride."

The solution, launched last Wednesday, is now operational across Africa, with plans for further expansion across the continent. Customers in Access Bank's operating countries in Africa can send and receive cross-border payments globally through various channels, including bank accounts, mobile wallets, cards, and cash. The Access Africa platform leverages Access Bank's deep understanding of African markets and forward-looking vision to realize customers' aspirations through innovative product sets.

Key Takeaways

  • Access Bank and Mastercard partner to launch cross-border payment solution across Africa.
  • Solution enables fast, secure, and cost-effective international transactions to/from 150+ countries.
  • Partnership aims to bridge financial divide, promote economic growth, and increase financial inclusion.
  • Solution optimizes liquidity, reduces costs, and facilitates seamless international transactions.
  • Access Africa platform now operational across Africa, with plans for further expansion.