MFS Africa, a digital payments network operating in over 35 African countries, has partnered with Access Bank, the largest bank in Nigeria that operates in 17 markets.
The partnership aims to expand AccessAfrica’s remittance corridors, which is a service that allows customers to transfer and receive money from anywhere in the world.
The partnership will simplify transfers for AccessAfrica customers, reduce friction and make it cheaper to send cross-border payments for personal or business purposes.
Also, AccessAfrica customers will be able to receive payments from MFS Africa’s partners all around the world.
The deal between MFS Africa and Access Bank is aimed at promoting financial inclusion and reducing borders’ significance for individuals and organizations in Africa.
The collaboration seeks to expand Access Bank’s instant outbound remittance to potentially 400 million mobile wallets and over 130 banks in more than 35 African countries, making it easier for people and businesses to receive real-time payments from Nigeria.
Reportedly, this will improve convenience, promote trade, and benefit neighboring countries and beyond. MFS Africa says its primary objective has always been to provide sustainable and accessible financial services to uplift Africa, and partnering with Access Bank aligns with this vision, according to Dare Okoudjou, CEO at MFS Africa.
IFAD reported that in 2021, migrant workers sent more than US$95 billion to and within Africa, which helped more than 200 million family members, most of whom reside in rural areas.
By utilizing MFS Africa’s hub, Access Bank can now send remittances and payments to MFS Africa’s network of over 400 million mobile money wallets and 200 million bank accounts across more than 35 African markets.
Quotes
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 and would facilitate payments to more African corridors, increasing 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, 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.”
