Access Bank Group Partners with Mastercard to Facilitate Cross-Border Payments in Africa

Access Bank Group, a Nigerian banking giant, has partnered with Mastercard to facilitate cross-border payments for African businesses and consumers. This collaboration leverages Mastercard's robust network and financial capabilities, as well as Access Bank's innovative Access Africa platform.

Expanding Cross-Border Payment Possibilities

The partnership aims to expand cross-border payment possibilities to and from Africa, improve financial inclusion, and connect the continent more closely to the global economy. This initiative will reduce transaction costs and increase the availability of secure and transparent payment channels across Africa.

Mastercard's Global Network and Financial Technology

Mastercard brings its vast global network and financial technology solutions to the partnership, including the Mastercard Move system, which enhances cross-border treasury operations. Access Bank contributes its in-depth market knowledge and innovative Access Africa platform, designed to offer instant and transparent financial transactions.

Fable Fintech's Technical Support

Fable Fintech, a Mastercard Move program partner, played a crucial role in providing technical support, ensuring seamless integration in multiple countries and enhancing the reliability and reach of the service.

A Significant Commercial Breakthrough

For Access Bank, this partnership is a significant commercial breakthrough, enabling its 42 million customers to access innovative solutions that prioritize choice, security, and flexibility. They will be able to send and receive money to over 150 countries worldwide. Similarly, Mastercard has expanded the reach of its financial and digital ecosystem, ensuring that millions of people from underserved communities can actively participate in the digital revolution.

The Importance of Cross-Border Payments in Africa

Cross-border payments continue to play a vital role in the African economy, with remittances to sub-Saharan Africa increasing by approximately 1.9% in 2023 to reach $54 billion. In 2024, remittances to the region are expected to grow by 2.5%. Cross-border B2B payments are a lifeline for many businesses that rely on regional and international trade to fuel economic growth in Africa.