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Access Bank customers can receive payments globally via MFS Africa partners.
MFS Africa, Africa’s digital payment network and Ripple’s partner, has inked a partnership deal with Access Bank to expand the bank’s AccessAfrica remittance corridor.
According to an announcement yesterday, the partnership will provide simplified transfers for customers of AccessAfrica, enabling cost-effective, real-time cross-border payments for businesses and individuals seeking to transfer funds to their families abroad.
In addition, the partnership will also enable AccessAfrica customers to receive payments from various parts of the world via MFS Africa partners.
Robert Giles, Access Bank’s Senior Banking Advisor, and Retail, said the bank’s partnership with MFS Africa would facilitate payments to more African corridors.
“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,” Giles said.
Commenting on the partnership with Access Bank, MFS Africa CEO Dare Okoudjou stated that the collaboration reaffirms its commitment to helping African individuals and corporate entities care less about borders.
He noted that the partnership would expand the reach of Access’ instant outbound remittance to 130 African-based financial institutions and more than 400 million mobile wallets.
MFS Africa May Leverage Ripple’s Tech for the Partnership
While Okoudjou did not explain much about how MFS Africa plans to achieve this goal, the digital payment network is expected to leverage Ripple’s solution to enhance the partnership.
As reported last year, MFS Africa partnered with Ripple to leverage the blockchain company’s On-Demand Liquidity (ODL) solution to facilitate cross-border payments in more than 35 African nations. It bears mentioning that Ripple’s ODL solution offers near-instant settlement by using XRP as a bridge currency between two countries’ fiat.
Since Ripple’s ODL is touted as one of the most efficient payment solutions in the world, financial institutions have collaborated with MFS Africa to leverage the service for cross-border settlements.
Earlier this month, American financial services giant Western Union partnered with MFS Africa to allow clients to send money from anywhere worldwide to MFS Africa-powered mobile wallets.
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