Mastercard has teamed up with Access Bank to facilitate seamless cross-border transactions throughout the African continent. This collaboration aims to extend Access Africa’s financial services to additional countries across Africa, ensuring secure and nearly real-time international payments through Access Bank branches and digital platforms.
Robert Giles, Senior Retail Adviser at Access Bank, described the partnership as a step towards realizing Access Bank’s core vision of establishing a payment gateway from Africa to the rest of the world. He highlighted the evolution of the Access Africa platform since its inception in 2012, connecting Access Bank’s largest markets in Nigeria and Ghana and subsequently expanding to include all countries where Access Bank operates in Africa.
Giles emphasized that the partnership addresses a key challenge faced by the diaspora community, which comprises approximately 300 million individuals worldwide. By facilitating secure and affordable transactions, Access Bank aims to alleviate the payment difficulties encountered by individuals living outside their countries of origin.
Mark Elliot, Divisional President for Africa at Mastercard, reaffirmed Mastercard’s commitment to fostering an inclusive ecosystem by empowering individuals and businesses. He underscored the significance of cross-border remittances to Africa’s economy, noting that remittances to sub-Saharan Africa are projected to increase to $54 billion this year.
The collaboration between Mastercard and Access Bank represents a strategic effort to enhance financial inclusion and facilitate economic growth across Africa by streamlining cross-border transactions and expanding access to financial services.
