Access Bank and MFS Africa are expanding AccessAfrica’s remittance corridors to boost financial inclusion and ease cross-border payments.
Access Bank, a Nigerian bank with operations in 17 markets, has joined with MFS Africa, a digital payments network in Africa that serves over 35 African nations. They want to increase the number of AccessAfrica’s remittance corridors.
Access Bank’s AccessAfrica service enables customers to quickly send and receive money from friends, family, and business partners around the globe.
Customers of AccessAfrica will benefit from the partnership’s streamlined transfers. It enables real-time, cost-effective cross-border payments for both consumers and businesses. Those who desire to facilitate trade operations or send money to loved ones who live overseas. Via MFS Africa’s partners, AccessAfrica users will be able to accept payments from all around the world.
Expanding financial inclusion
Robert Giles, senior banking advisor for retail at Access Bank, commented on the collaboration with MFS Africa and said, “This relationship expands on the current cross-border payment infrastructure by Access Bank. Payments to more African corridors would be made easier. Also, it will expand the list of nations to which we may use Access Africa to transmit quick payments.
Our collaboration with MFS Africa and access to hundreds of millions of people in the new markets will enable our customers to pay and get paid. Through commerce, it promotes greater economic participation while also assisting with cross-border family assistance. Importantly, this moves us closer to democratizing payment access and serving as “Africa’s gateway to the world.” through accessible, secure, and trustworthy platforms.
Removing obstacles across borders
“The agreement confirms MFS Africa’s dedication to reducing the importance of borders for people and organizations on the continent. In the end, this will promote more financial inclusion. This partnership would enable Access rapid outbound remittance for more than 130 banks and 400 million mobile wallets in 35 African countries. It lets thousands of Africans and businesses get Nigerian funds instantly.
Also, it makes things more convenient for people and makes trading with neighboring nations and other countries easier. At MFS Africa, our mission has always been to improve the African continent by providing sustainable and accessible financial services. According to Dare Okoudjou, CEO of MFS Africa, “partnering with Access Bank, who shares this mindset, made full sense.
The International Fund for Agricultural Development, or IFAD, estimates that in 2021, migratory laborers sent more than $95 billion to and within Africa. More than 200 million family members, the majority of whom reside in rural areas, benefited from this. Access Bank will be able to transfer payments and remittances to MFS Africa’s network of more than 400 million mobile money wallets by connecting to its hub. Also, there are more than 200 million bank accounts in more than 35 African markets.