Pan-African fintech, MFS Africa, has announced a partnership with Access Bank, Nigeria’s largest bank, as it looks to expand remittance corridors for its AccessAfrica money transfers product.
According to the bank, AccessAfrica is a payments product designed to simplify global payments by person-to-person (P2P), business-to-business (B2B), person-to-business (P2B), government-to-person (G2P) and any other payment activities/flows.
The product allows customers to initiate payments in the local currency of the initiating jurisdiction or US Dollars while the beneficiary receives a direct credit to his account or cash in the local currency or US Dollars.
The collaboration with MSF Africa will facilitate instant and affordable international money transfers for individuals and companies seeking to send financial aid or facilitate trade deals across borders. In addition, AccessAfrica clients will have the ability to receive payments from MFS Africa partners worldwide.
“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,” said Robert Giles, Senior Banking Advisor, Retail, Access Bank.
The partnership comes few months after MFS Africa and Ripple, the blockchain solutions company behind the $XRP token, announced a partnership that would see Ripple’s On-Demand Liquidity (ODL) solution be available on the continent. According to Ripple, markets in Africa struggle to source liquidity and crypto solutions like ODL can buttress businesses that cannot source capital via traditional sources.
As a result of this partnership, Access Bank will be able to transfer remittances and make payments to MFS Africa’s extensive network of:
- 400 million mobile money wallets
- 200 million bank accounts
- across 35 African markets
People and businesses from across the continent will find it it easier to receive payments from Nigeria, the proponents behind the deal indicate.
Access Bank itself serves 52 million customers across 700 branches and service outlets spread across three continents and 17 markets, the bank says. The two institutions believe they share the same driving spirit which is expanding financial inclusion for their customers, indiscriminately.
“Partnering with Access Bank, who shares this ethos, made complete sense. Uplifting the African continent through sustainable and accessible financial services has always been at the center of what we do at MFS Africa,” said Dare Okoudjou, CEO at MFS Africa.
Follow us on Twitter for the latest posts and updates
Join and interact with our Telegram community