Through its state-of-the-art Access Africa platform, Access Bank will enable consumers and businesses to benefit from quick, traceable, smooth, and cost-effective international transactions by utilizing the network and treasury capabilities of Mastercard Move.

The recently introduced solution will be active throughout Africa as of right now, and plans are in place for additional penetration of the continent. For companies and individuals who are taking advantage of Access Bank Group's comprehensive knowledge of African markets and forward-thinking vision, which seeks to realize customers' ambitions through cutting-edge product lines, the solution provides a worldwide gateway. This partnership gives clients more options for their payment methods by combining Mastercard's many complimentary network assets with the treasury capabilities of Mastercard Move.

Cross-border remittances remain a significant part of the African economy; in 2023, flows to Sub-Saharan Africa are expected to rise by 1.9% to $54 billion, primarily due to robust growth in remittances from Mozambique, Rwanda, and Ethiopia, with 38% of the total coming from Nigeria. Remittances to the area are expected to rise by 2.5% in 2024. For many enterprises that depend on regional and international trade to support the expansion of African economies, business-to-business cross-border payments are essential.

Robert Giles, Senior Advisory, Retail Banking, Access Bank, said, "We are excited to work with Mastercard to advance financial inclusion in Africa through the Access Africa initiative.""By pooling our resources, we can close the wealth gap, open up new doors, and build a more prosperous and inclusive future for all Africans."

Clients in the African nations where Access Bank operates can now send and receive cross-border payments worldwide via a variety of channels, such as bank accounts, cards, cash, and mobile wallets.

We are extremely proud of our accomplishment of providing Access Bank clients with cutting-edge solutions that put choice, security, and flexibility first. In addition, it expands the reach of Mastercard's financial and digital ecosystem, enabling millions of people from underserved communities to actively participate in the developing financial and digital economy. These developments demonstrate our commitment to revolutionizing payment experiences, says Mark Elliott, Division President for Africa at MasterCard.

The solution's technical implementation partner was Fable Fintech, an Express Partner of the Mastercard Move Partner Program that worked well with Mastercard Move and Access Africa specialists.

"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," said Naushad Contractor, co-founder and CEO of Fable Fintech. We are eager to continue developing cutting-edge solutions that will improve the lives of African clients and companies.

With both parties committed to actively leveraging their combined strengths, resources, and expertise to drive meaningful change and financial inclusion for millions across the continent, this ground-breaking partnership marks a significant step towards building a more inclusive financial ecosystem in Africa.