MFS Africa has teamed up with Access Bank, Nigeria’s largest bank, to broaden the remittance corridors of AccessAfrica, which enables customers to easily transfer and receive money worldwide from loved ones and business associates. This collaboration will provide straightforward transfers for AccessAfrica clients, allowing real-time, cost-effective cross-border payments for individuals and companies who want to send financial support to their families abroad or facilitate trade transactions.
MFS Africa is the largest digital payments network in Africa, operating in over 35 African countries. The partnership between Access Bank and MFS Africa will allow AccessAfrica customers to receive payments from all over the world through MFS Africa partners. The companies hope that this partnership will simplify transfers for AccessAfrica customers and allow for real-time, cost-effective cross-border payments.
Robert Giles, Senior Banking Advisor, Retail, Access Bank, stated that the partnership builds on the existing cross-border payment infrastructure by Access Bank, which will facilitate payments to more African corridors, increasing the number of countries through which instant payments can be made via Access Africa. The partnership with MFS Africa and access to hundreds of millions of people in new markets will help customers pay and be paid, facilitating greater economic inclusion through trade, as well as helping families across borders.
Dare Okoudjou, CEO at MFS Africa, stated that 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 collaboration, Access instant outbound remittance reach will be extended to potentially 400 million mobile wallets and over 130 banks across more than 35 African countries, allowing thousands of people and businesses throughout the continent to receive payments in real-time from Nigeria, and improving convenience for and facilitating trade with neighbouring countries and beyond.
According to the International Fund for Agricultural Development, migrant workers sent over US$95 billion to and within Africa in 2021, benefiting over 200 million family members, with the majority of them residing in rural areas. Through 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.
Read: MFS Africa and Western Union Partner to Boost Cross-Border Payments in Africa
