MFS Africa and Access Bank are teaming up to provide simplified transfers for AccessAfrica customers.
AccessAfrica is Access Bank’s service that allows customers to conveniently transfer and receive money across the world.
MFS Africa is the largest digital payments network in Africa, operating in over 35 African countries. Specifically, AccessAfrica enables real-time, cost-effective cross-border payments for individuals and businesses who 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.
Robert Giles, Senior Banking Advisor, Retail, Access Bank, said: “This partnership builds on the existing cross-border payment infrastructure by Access Bank. It facilitates 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. This 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.
An addressable market of 400 million mobile wallets across 35 countries
Dare Okoudjou, CEO at MFS Africa, added: “The partnership reaffirms MFS Africa’s commitment to making borders matter less for individuals and organisations across the continent, ultimately fostering 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. This enables thousands of people and businesses throughout the continent to receive payments in real time from Nigeria, and improving convenience for and facilitating trade with the 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.”
According to the International Fund for Agricultural Development, IFAD, migrant workers sent over $95bn to and within Africa in 2021. This benefits over 200 million family members, the majority of whom live in rural areas.
