MFS Africa, a leading digital payments network in Africa, has partnered with Access Bank, one of Nigeria’s largest banks, to expand AccessAfrica remittance corridors.
According to a statement seen by Techloy, the partnership aims to 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.
The move will also democratize access to payments through affordable, safe and reliable platforms, propelling Access Bank closer towards being ‘Africa’s gateway to the world’.
This collaboration will enable Access Bank 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.
According to the International Fund for Agricultural Development (IFAD), migrant workers sent over $95 billion to and within Africa in 2021, benefiting over 200 million family members, a majority of whom live in rural areas.
By accessing MFS Africa’s hub, Access Bank will be able to help migrant workers send money back home, fostering financial inclusion and ultimately uplifting the African continent through sustainable and accessible financial services.
The partnership will expand Access Bank's instant outbound remittance reach to potentially 400 million mobile wallets and more than 130 banks across over 35 African countries.
Through this, thousands of people and businesses throughout the continent will receive payments in real-time from Nigeria, improving convenience and facilitating trade with neighbouring countries and beyond.