MFS Africa, a digital payments network, has partnered with Access Bank, Nigeria’s largest bank with operations in 17 markets, to expand AccessAfrica remittance corridors.
AccessAfrica is an Access Bank service that allows customers to send and receive money from loved ones and business partners all over the world.
The collaboration will simplify transfers for AccessAfrica customers, enabling real-time, cost-effective cross-border payments for individuals and businesses looking to send financial support to family members abroad or facilitate trade transactions. Customers of AccessAfrica will be able to receive payments from all over the world through MFS Africa partners.
“This partnership builds on Access Bank’s existing cross-border payment infrastructure and would facilitate payments to more African corridors, increasing the number of countries we can send instant payments through Access Africa,” said Robert Giles, Senior Banking Advisor, Retail, Access Bank. Our collaboration with MFS Africa, as well as our access to hundreds of millions of people in new markets, will enable our customers to pay and be paid, facilitating greater economic inclusion through trade and assisting families across borders. This is critical because it moves us closer to becoming “Africa’s gateway to the world” and democratizing payment access through affordable, safe, and dependable platforms.
“The collaboration reaffirms MFS Africa’s commitment to reducing the importance of borders for individuals and organizations across the continent, ultimately fostering financial inclusion.” Through this collaboration, we will extend Access instant outbound remittance reach to potentially 400 million mobile wallets and more than 130 banks in over 35 African countries, allowing thousands of people and businesses across the continent to receive payments in real time from Nigeria, as well as improving convenience and facilitating trade with neighboring countries and beyond. MFS Africa’s mission has always been to uplift the African continent through sustainable and accessible financial services. “It made perfect sense to partner with Access Bank, who shares this ethos,” says Dare Okoudjou, CEO of MFS Africa.
According to the International Fund for Agricultural Development, migrant workers will send over US$95 billion to and within Africa in 2021, benefiting over 200 million family members, the majority of whom live in rural areas. Access Bank will be able to send remittances and payments to MFS Africa’s footprint of over 400 million mobile money wallets and over 200 million bank accounts across more than 35 African markets by accessing MFS Africa’s hub.