Access Bank, MFS Africa partner on remittances from Nigeria, Kenya
MFS Africa, the largest digital payments network in Africa, has partnered Access Bank to expand AccessAfrica remittance corridors from Nigeria and Kenya.
The Chief Executive Officer, MFS Africa Dare Okoudjou, said in a statement that the partnership would provide simplified transfers for AccessAfrica customers.
The News Agency of Nigeria (NAN) reports that AccessAfrica is Access Bank’s service that allows customers to conveniently transfer and receive money across the world from loved ones and business partners.
Okoudjou said that the partnership reaffirms MFS Africa’s commitment to making borders matter less for individuals and organisations across the continent, ultimately fostering financial inclusion.
He said that it would enable real-time, cost-effective cross-border payments for individuals and businesses that want to send financial support to their families abroad or facilitate trade transactions.
According to him, through this partnership MFS will be expanding Access instant outbound remittance reach to potentially 400 million mobile wallets and more than 130 banks across over 35 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 neighbouring countries and beyond.
‘’Uplifting the African continent through sustainable and accessible financial services has always been at the centre of what we do at MFS Africa.
“Partnering with Access Bank, who shares this ethos, made complete sense,” said Okoudjou.
The Senior Banking Advisor, Retail, Access Bank, Mr Robert Giles, said that the partnership builds on the existing cross-border payment infrastructure by Access Bank.
Giles said that it would facilitate payments to more African corridors and increasing the number of countries one could 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,” he said.
He added that it would facilitate greater economic inclusion through trade as well as helping families across borders.
Giles said that critically this propels Access Bank closer towards being ‘Africa’s gateway to the world’ and democratizing access to payments through affordable, safe and reliable platforms.
‘’According to the International Fund for Agricultural Development, migrant workers sent over $95 billion to and within Africa in 2021, benefiting over 200 million family members, majority of whom live 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,” he said.
