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MFS Africa, the largest digital payments network in Africa, has announced a partnership with Access Bank, Nigeria’s largest bank, to expand its AccessAfrica remittance corridors. The partnership will enable 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. AccessAfrica customers will also be able to receive payments from all over the world through MFS Africa partners.
Robert Giles, Senior Banking Advisor, Retail, Access Bank, said, “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.”
The fees paid to remittance service providers to send money to Africa average nearly 9 percent— the highest rate in the world and three times the Sustainable Development Goal target for remittance costs (3 percent). The cost of international remittances within Africa—intra-regional migration and remittances are large there—is even higher than the cost of remittances from the United States or Europe.
Through this partnership, 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. This will enable thousands of people and businesses throughout the continent to receive payments in real-time from Nigeria and improve convenience for and facilitate trade with neighbouring countries and beyond.
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, most of whom live in rural areas. This partnership will make it easier and more affordable for individuals and businesses to send and receive money across borders.
Dare Okoudjou, CEO at MFS Africa, said, “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 centre of what we do at MFS Africa.”
Access Bank operates through a network of more than 700 branches and service outlets, spanning three continents, 17 markets and serving 52 million customers. The bank offers products and services tailored to suit the lifestyle of every Nigerian, regardless of age and demographic.
Through this partnership, MFS Africa and Access Bank are working towards democratising access to payments through affordable, safe and reliable platforms. They hope to foster financial inclusion and ultimately uplift the African continent through sustainable and accessible financial services.
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