MFS Africa, a digital payments network in Africa, operating in over 35 African countries, has partnered with Access Bank, a Nigerian bank which operates across 17 markets. Together, they’re looking to expand AccessAfrica remittance corridors.
AccessAfrica is Access Bank’s service that allows customers to conveniently transfer and receive money across the world from loved ones and business partners.
The partnership will provide simplified transfers for AccessAfrica customers. It enables real-time, cost-effective cross-border payments for individuals and businesses. Specifically, those that want to send financial support to their families abroad or facilitate trade transactions. AccessAfrica customers will also be able to receive payments from all over the world through MFS Africa partners.
Creating greater financial inclusion
Commenting on the partnership with MFS Africa, senior banking advisor, retail, access bank, Robert Giles said: “This partnership builds on the existing cross-border payment infrastructure by Access Bank. It would facilitate payments to more African corridors. Additionally, it will increase the number of countries we can send instant payments through Access Africa to.
“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. It facilitates 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 democratising access to payments. Through affordable, safe and reliable platforms.”
Removing cross-border challenges
“The partnership reaffirms MFS Africa’s commitment to making borders matter less for individuals and organisations across the continent. This will ultimately foster greater 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. It enables thousands of people and businesses throughout the continent to receive payments in real time from Nigeria.
Furthermore, it improves convenience for and facilitates trade with neighbouring countries and beyond. Uplifting the African continent through sustainable and accessible financial services has always been at the center of what we do at MFS Africa. Partnering with Access Bank, who shares this ethos, made complete sense,” says Dare Okoudjou, CEO at MFS Africa.
According to the International Fund for Agricultural Development, IFAD, migrant workers sent over $95billion to and within Africa in 2021. This benefitted 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. This is in addition to over 200 million bank accounts across more than 35 African markets.