The collaboration is set to enable Access Africa to facilitate inbound and outbound cross-border payments in 13 markets, namely Botswana, Cameroon, the Democratic Republic of the Congo, Gambia, Ghana, Guinea, Kenya, Mozambique, Nigeria, Rwanda, Sierra Leone, South Africa, and Zambia.
The partnership is set to enable Access Africa’s customers, both account and non-account holders, to make simple international payments, as well as receive diaspora inflows in USD from countries in Africa, the Americas, Asia-Pacific, Europe, Greater China, and the Middle East, and North Africa regions in the form of either cash or bank deposits. Furthermore, the cooperation between Access Africa’s Payment and Remittance services and Thunes is set to bring the benefits associated with modern digital payment tech to the involved parties, addressing the friction within traditional bank-based cross-border payment flows and making payments increasingly fast, easy, and transparent. This is believed to help bring significant improvements to the African fintech ecosystem and payment infrastructure.
Access Africa is a payment product designed to simplify global payments for person-to-person (P2P), business-to-business (B2B), person-to-business (P2B), government-to-person (G2P), and other payment flows. It enables efficient and effective transfers, including but not limited to school fee payments, merchant payments, ecommerce payments, trade payments, and diaspora workers payments.
Access Africa corridors include the UK, China, Spain, Turkey, France, Italy, Germany, Cyprus, Norway, Austria, Switzerland, Belgium, India, Hong Kong, Ghana, Gambia, Rwanda, Zambia, Sierra Leone, Kenya, DR Congo, Mozambique, Guinea, and Botswana, amongst others.
Per the press release, the strategic partnership is a reinforcement of Access Africa’s commitment to providing customers and non-customers with access to advanced remittance services. A 2016-founded cross-border payments network, Thunes enables corporates and financial institutions to move funds in a simplified manner and provide financial services in emerging markets. Access Bank company officials believe the cooperation to help significantly expand the reach of Access Africa’s payment and remittance services to more than 100 countries and expose Thunes to all 60 million customers of Access Africa with over 600 branch locations.
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