Aduragbemi Omiyale
By Aduragbemi Omiyale
A partnership to enable real-time, cost-effective cross-border payments for individuals and businesses who want to send financial support to their families abroad or facilitate trade transactions has been entered into between MFS Africa and Access Bank.
Access Bank, which is the largest bank in Nigeria, will use MFS Africa, which is the largest digital payments network in Africa, operating in over 35 African countries, to expand its AccessAfrica remittance corridors across its 17 markets.
AccessAfrica is Access Bank’s service that allows customers to conveniently transfer and receive money across the world from loved ones and business partners.
So, with this collaboration, AccessAfrica customers will be able to receive payments from all over the world through MFS Africa partners.
According to the International Fund for Agricultural Development (IFAD), migrant workers sent over $95 billion to and within Africa in 2021, benefiting over 200 million family members, the majority of whom live in rural areas.
Through accessing MFS Africa’s hub, Access Bank will be able to send remittances and payments to MFS Africa’s footprint of over 400 million mobile money wallets and over 200 million bank accounts across more than 35 African markets.
“This partnership builds on the existing cross-border payment infrastructure by Access Bank and would facilitate payments to more African corridors, increasing the number of countries we can send instant payments to through Access Africa.
“Our partnership with MFS Africa and access to hundreds of millions of people in the new markets will help our customers pay and be paid, facilitating greater economic inclusion through trade as well as helping families across borders.
“Critically, this propels us closer towards being ‘Africa’s gateway to the world’ and democratizing access to payments through affordable, safe and reliable platforms,” the Senior Banking Advisor for Retail at Access Bank, Mr Robert Giles, said.
On his part, the chief executive of MFS Africa, Mr Dare Okoudjou, described the partnership as the confirmation of MFS Africa’s commitment to making borders matter less for individuals and organisations across the continent, ultimately fostering financial inclusion.
“Through this partnership, we’ll be expanding Access instant outbound remittance reach to potentially 400 million mobile wallets and more than 130 banks across over 35 African countries, enabling thousands of people and businesses throughout the continent to receive payments in real-time from Nigeria and improving convenience for and facilitating trade with the neighbouring countries and beyond.
“Uplifting the African continent through sustainable and accessible financial services has always been at the centre of what we do at MFS Africa. Partnering with Access Bank, who shares this ethos, made complete sense,” he said.
