Following this announcement, Mastercard and Access Bank Group launched a unified and secure cross-border money movement solution across multiple African markets, aiming to enable businesses and customers to send and receive international transactions to and from 150+ countries around the world.
In addition, both companies will focus on meeting the needs, preferences, and demands of customers in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.
Throughout this partnership, by leveraging the network and treasury capabilities of Mastercard Move, Access Bank will be enabled to offer individuals and businesses the possibility to enjoy instant, traceable, cost-effective, and secure international transactions through its Access Africa platform.
The newly released solution offers a global gateway for firms and customers that are using Access Bank Group’s understanding of the African markets, as well as the strategy to meet clients’ aspirations through optimised product sets. By combining the banks’ solutions and expertise with Mastercard’s multiple complementary network assets and the treasury capabilities of Mastercard Move, the collaboration is set to provide users with more choices in their payment means.
According to the official press release, the solution will be operational across the African region, with expansion plans being in place for further penetration across the continent. In addition, customers in Access Bank’s operating countries in Africa will have the capability to send and receive cross-border payments around the world, through to and from several channels including bank accounts, cards, cash, or mobile wallets.
The partnership will also focus on accelerating financial inclusion across the region through the use of Access Africa initiative, as well as unlocking new opportunities, bridge the financial divide, and develop a more inclusive market for local customers and businesses. At the same time, it will also extend the reach of Mastercard’s financial and digital ecosystem, aiming to ensure millions from underserved communities can participate in the evolving financial and digital economy.
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