Access Bank Group, a prominent multinational bank, has unveiled an innovative solution in partnership with Mastercard. This collaboration aims to enhance access to cross-border payments and remittances to and from Africa, bridging the gap between the continent and the global economy. Leveraging the network and treasury capabilities of Mastercard Move, Access Bank, through its advanced Access Africa platform, will enable individuals and businesses to conduct instant, traceable, seamless, and cost-effective international transactions.
A global gateway for both businesses and individuals
The solution, now effective, is operational across Africa, with expansion plans in place for further penetration across the continent. The solution offers a global gateway for businesses and individuals that are leveraging Access Bank Group’s deep understanding of the African markets and forward-looking vision that aims to realise customers aspirations through innovative product sets. Stitching together Mastercard’s multiple complementary network assets and the treasury capabilities of Mastercard Move, this collaboration offers customers more choices with their payment means.
Cross-border remittances remain pivotal in Africa’s economy, with flows to Sub-Saharan Africa rising by approximately 1.9% in 2023 to $54 billion, fueled by robust remittance growth in Mozambique, Rwanda, and Ethiopia. Notably, Nigeria contributes 38% to the total remittance flows. In 2024, remittance flows to the region are expected to increase by 2.5%. B2B cross-border payments serve as a lifeline to a significant portion of businesses reliant on regional and international trade to drive African economic growth.
Combination of strengths
Senior Advisory, Retail Banking for Access Bank, Robert Giles says “We are thrilled to collaborate with Mastercard to advance financial inclusion in Africa through the Access Africa initiative. By combining our strengths, we can unlock new opportunities, bridge the financial divide, and create a more inclusive and prosperous future for all Africans.”
Customers in Access Bank’s operating countries in Africa are now empowered to send and receive cross-border payments globally through various channels, including bank accounts, mobile wallets, cards, and cash.
Transformation of payment experience
Mastercard
Division President for Africa at Mastercard, Mark Elliot says “Empowering Access Bank customers with innovative solutions that prioritize choice, security, and flexibility is an achievement that fills us with great pride. This collaboration signifies our commitment to transforming payment experiences as it not only brings cutting-edge payment solutions to the bank’s diverse clientele, but also extends the reach of Mastercard’s financial and digital ecosystem, ensuring millions from underserved communities can actively participate in the evolving financial and digital economy.”
Fintech collaboration
Fable Fintech, an Express Partner of the Mastercard Move Partner Program, serves as the technical implementation partner of the solution, effectively collaborating with experts from both Access Africa and Mastercard Move. Founder and CEO for Fable Fintech, Naushad Contractor, remarked “We were fortunate to be the fulcrum of the seamless multi-country integration of one of the largest banks in Africa using the network and resilience of Mastercard’s cross-border assets. We look forward to working on more innovative solutions that will empower the lives of African customers and businesses.”

This innovative collaboration marks a significant stride towards fostering a more inclusive financial ecosystem in Africa. Both parties are committed to actively leveraging their combined strengths, resources, and expertise to propel substantial change and enhance financial inclusion for millions across the continent.

The post Access Bank Group, Mastercard Join for Cross-Border Payments first appeared on IT News Africa | Business Technology, Telecoms and Startup News.