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Access Bank partners MasterCard on cross-border payment

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In a bid to solve one of the challenges that those in the diaspora contend with, Access Bank and MasterCard have partnered to boost cross-border payments with a unified money movement solution, enabling businesses and consumers to send and receive international payments to and from over 150 countries.

According to The Punch, this was disclosed by the partners at the launch of the solution, which would run on the Access Africa platform of the bank in Lagos on Wednesday.

In her opening speech, Access Bank’s Deputy Managing Director, Chizoma Okoli, said, the partnership would enable the bank to deliver improved services to its customers across its operational footprints.

“Today marks our commitment toward excellence and ensuring that we deliver excellent service to our customers and our partnership today with MasterCard indicates our focus on ensuring that we give our customers the required service delivery that they deserve,” she stated.

Senior Advisory, Retail Banking, Access Bank, Robert Giles, remarked that the partnership would solve challenges relating to diaspora remittance.

“We are introducing our partnership with Mastercard, where we have incorporated solutions to enhance our Access Africa platform. Access Africa began in 2012, connecting two of our larger markets, Nigeria and Ghana. From that point, it has grown to all of the countries where we are present.

“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,” he asserted.

According to Giles, the bank and Mastercard are trying to solve one of the challenges that those in the diaspora contend with.

“The challenge that we are solving here is one for the diaspora. As of the last check, there are about 300 million people in the world who are living outside the country of their birth and payment is a problem. What we are trying to solve with Mastercard is to make payment easier. This partnership with Mastercard is our biggest yet.

“We have worked with an amazing team of people, with Access Bank to create solutions that would help our customers daily transfer funds within the continent, outside the continent and, most importantly, to the continent. We know the diaspora flow into the continent is important to the growth of our economy,” he averred.

According to the World Bank, cross-border remittances continue to play an important role in Africa’s economy, with flows to Sub-Saharan Africa increasing by approximately 1.9 per cent in 2023 to $54bn as a result of strong remittance growth in Mozambique, Rwanda and Ethiopia, with Nigeria accounting for 38 per cent of the remittance flows.

Mastercard’s Country Manager for West Africa, Folasade Femi-Lawal, said, the collaboration was in recognition that there were challenges in cross-border transactions.

“Mastercard, leveraging the technology that we have, is partnering with Access Bank to shape the landscape of cross-border transactions across the African continent with secure international payments through Access Bank branches and digital platforms. It is to drive financial inclusion. It is a pledge to democratise financial services for all individuals and businesses across the countries,” he noted.

Mastercard Divisional President, Sub-Saharan Africa, Mark Elliot,  declared that collaboration marked the company’s unwavering commitment to advancing financial inclusion and innovation across Africa.

He explained, “Mastercard is not just about debit, credit and what we might expect.  Through innovation and innovative technology, we provide consumers with ease, seamless and peace of mind type of opportunities in collaboration with banks, like Access to deliver possibilities.”

 

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