LAGOS – Africa is gradually moving towards a rejuvenated payment system that will give businesses across the continent a new lease of life with an audacious collaboration between Access Bank, Nigeria’s biggest bank and MasterCard, a multinational payment card services corporation.
The collaboration, which will provide a fast, assured-value, transparent and traceable payment origination and delivery solution at competitive rates, with a greater choice to customers was recently unveiled between the two entities.
The partnership, which was announced in Lagos, will enable Access Bank to further push its AccessAfrica payment platform beyond Africa, to boost financial inclusion.
Daily Independent learnt that collaboration between MasterCard and Access Bank Group, gave birth to a unified cross-border money movement solution across various African markets which will enable businesses and consumers to send and receive international payments to and from 150+ countries.
Collaboration underlines both organizations’ commitment to the African economy by providing a financially inclusive solution that optimises liquidity and capital in the markets and reduces international transaction costs incurred by businesses and consumers while making and receiving international payments.
The innovative solution is also to expand access to cross-border payments and remittances to and from the continent, bringing Africa closer to the global economy.
By leveraging the network and treasury capabilities of MasterCard Move, Access Bank, through its cutting-edge AccessAfrica platform, shall empower individuals and businesses to enjoy instant, traceable, seamless, and cost-effective international transactions.
Effective last Wednesday, 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.
Stitching together MasterCard’s multiple complementary network assets and the treasury capabilities of MasterCard Move, this collaboration offers customers more choices with their payment means.
Cross-border remittances continue to play an important role in Africa’s economy, with flows to Sub-Saharan Africa increasing by approximately 1.9 per cent in 2023 to $54 billion as a result of strong remittance growth in Mozambique, Rwanda and Ethiopia, with Nigeria accounting for 38 per cent of the remittance flows.
In 2024, remittance flows to the region are projected to increase by 2.5 per cent. B2B Cross Border payments serve as a lifeline to a large section of businesses who are reliant on regional and international trade to fuel the growth of the African economies.
In her opening remark at the launch of the collaboration, Chioma Okoli, Deputy Managing Director at Access Bank Plc, noted that the collaboration with MasterCard reinforced the embodiments of the Access Bank’s commitment towards innovation and ensuring the delivery of excellent service to her customers.
She said: “Today marked an exciting day for us because we are positioning ourselves so that we can meet our customers’ needs. We are glad to have the executive team of MasterCard with us and we appreciate your dedication and commitment towards this journey.
“This partnership shows our commitment towards innovation and this is towards ensuring that we deliver excellent service to our customers. It is in our character as a banking group to look for global companies like MasterCard and our partnership today with the company really indicates that we are focused on ensuring that we give our customers the required service they deserve. In Access Bank, we will continue to look for partnership that will support us in achieving our goals. We are extremely delighted that you gave us the opportunity to partner with you”.
In his reaction at the event, 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.”
He added, “By combining our strengths, we can unlock new opportunities, bridge the financial divide, and create a more inclusive and prosperous future for all Africans”.
In her contribution, Funmilayo Afolabi, Group Head, Payment and Remittance, Access Bank, said the partnership has afforded customers in Access Bank’s operating countries in Africa, the opportunity to send and receive cross-border payments globally through to and from various channels including bank accounts, mobile wallets, cards, and cash at affordable rates.
She said: “We have made Access Africa to be accessible and cheapest to transact business with. We are the most affordable and this is because we have the interest of our customers at heart. The collaboration with MasterCard is a testament that we want the best for our customers and we are delivering this in the best affordable way.
“Transactions in this payment solution are going to be near real time and I can assure you that there won’t be delayed transactions”.
In his contribution, 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.”
Fable Fintech, an Express Partner of the Mastercard Move Partner Program, was the technical implementation partner of the solution, effectively collaborating with both Access Africa and Mastercard Move experts.
Naushad Contractor, Co-Founder and CEO of Fable Fintech 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.”
