Key Highlights
- MFS Africa, the largest digital payments network in Africa, has partnered with Access Bank, Nigeria’s largest bank, to expand AccessAfrica remittance corridors.
- The partnership will enable 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 be able to receive payments from all over the world through MFS Africa partners, potentially reaching 400 million mobile wallets and more than 130 banks across over 40 African countries.
MFS Africa, the largest digital payments network in Africa, operating in over 35 African countries, has partnered with Access Bank, Nigeria’s largest bank which operates across 17 markets, to expand AccessAfrica remittance corridors.
AccessAfrica is Access Bank’s service that allows customers to conveniently transfer and receive money across the world from loved ones and business partners.
The partnership will provide simplified transfers for AccessAfrica customers, enabling 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.
Commenting on the partnership with MFS Africa, Senior Banking Advisor, Retail, Access Bank, Robert Giles said, “This partnership builds on the existing cross-border payment infrastructure by Access Bank and would facilitate 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, facilitating greater economic inclusion through trade as well as helping families across borders. Critically this propels us closer to being ‘Africa’s gateway to the world’ and democratizing access to payments through affordable, safe, and reliable platforms.
“The partnership reaffirms MFS Africa’s commitment to making borders matter less for individuals and organizations 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 40 African countries, enabling 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 neighboring 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,” says Dare Okoudjou, CEO at MFS Africa.
According to the International Fund for Agricultural Development, IFAD, migrant workers sent over US$95 billion to and within Africa in 2021, benefiting over 200 million family members, the majority of whom live in rural areas. By accessing MFS Africa’s hub,
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.
About MFS Africa
At MFS Africa, we believe that making a payment should be as easy as making a phone call. We believe that access is the currency with which Africans can overcome barriers and injustice and render borders insignificant.
We give our partners access to a borderless world of opportunities, connecting enterprises, mobile money operators, money transfer operators, banks, non-bank financial institutions, and online and offline merchants and to more than 410 million mobile money wallets in over 35 African countries.
We enable domestic and cross-border disbursements and collections across our network of networks and work closely with all our partners across the globe to make borders matter less. Watch our video manifesto here.
About Access Bank
Access Bank, a wholly owned subsidiary of Access Holdings Plc (“Access Corporation”), is a leading full-service financial institution operating through a network of more than 700 branches and service outlets, spanning 3 continents, 17 markets, and 52 million customers.
The Bank offers products and services tailored to suit the lifestyle of every Nigerian irrespective of age and demographic