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Access Bank and MasterCard Collaborate to Enhance Cross-Border Payments

By Oluchukwu Ikemefuna

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The Access Bank and Mastercard partnership is set to establish a unified cross-border money movement solution across various African markets. The initiative will facilitate companies and clients to make international transactions across more than 150 countries.

The collaboration, which was announced in Lagos, will encourage Access Bank to further push its AccessAfrica payment platform beyond Africa. It will also boost its financial inclusion in the region. 

The Effect Of The Access Bank and Mastercard Partnership 

The Access Bank and Mastercard partnership underlines both organizations’ commitment to the African economy by providing a financially inclusive solution. This is a solution that optimizes liquidity and capital in the markets. Also, it reduces international transaction costs incurred by businesses and consumers. Moreover, the partnership fosters security and gives the bank advanced payment solutions that satisfy the customers. 

Division President for Africa Mastercard, Mark Elliott, said: “We are empowering Access Bank customers with innovative solutions.  These solutions prioritize choice, security, and flexibility is an achievement that fills us with great pride. 

He went on to say: “This Access Bank and Mastercard partnership signifies our commitment to transforming payment experiences. This is because it not only brings advanced payment solutions to the bank’s diverse clientele but also extends the reach of Mastercard’s financial and digital ecosystem. This ensures millions from underserved communities can actively participate in the evolving financial and digital economy.”

Access Bank and Mastercard Partnership To Foster Financial Inclusion

The partnership also indicates that Access Bank has an innovative spirit to always provide the best solutions that satisfy their client. The collaboration will open doors of opportunities for all involved as it will bridge financial gaps. Also, it creates a more secure form of payment. 

Deputy Managing Director, Access Bank, Chioma Okoli, said: “Our partnership with MasterCard indicates our focus on delivering. It will ensure 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 also said: “We are thrilled to collaborate with Mastercard. We’ll advance financial inclusion in Africa through the Access Africa initiative. By combining our strengths, we can unlock new opportunities, and bridge the financial divide. Also, we will create a more inclusive and prosperous future for all Africans.” 

The Partnership to Boost Cross-Border Remittance To Nigeria

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

Cross-border remittances are important factors in Africa’s economy and smooth transactions will further boost this effect. The remittance flow to Sub-saharan Africa has increased by approximately 1.9 percent in 2023 to $54 billion. This is the result of strong remittance growth in Mozambique, Rwanda, and Ethiopia. Out of the $54 billion, Nigeria accounts for 38 percent of the remittance flows. In 2024, remittance flows to the region are projected to increase by 2.5 percent. 

Country Manager, West Africa, Mastercard, Folasade Femi-Lawal, stated: “The partnership would address a lot of challenges. Especially challenges in cross-border payments such as failed transactions and delays in completing transactions. Consequently, this will boost financial inclusion across African markets.”

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Abdullahi Kafayat
Abdullahi Kafayat

Abdullahi Kafayat is an enthusiastic writer interested in the tech world. She's a graduate of Obafemi Awolowo University and has a BSc in Chemistry. You can reach her at Kafayatabdullahi17@gmail.com.

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