Nigeria: Access Bank and Visa Forge Partnership for Streamlined Cross-Border B2B Payments

Access Bank has entered into a strategic partnership with Visa to bolster the efficiency of cross-border business-to-business (B2B) payments for the bank’s corporate, commercial, and Small and Medium Enterprise (SME) customers. The collaboration sees Access Bank adopting the Visa B2B Connect platform to facilitate the swift and secure transfer of payments to and from 110 countries worldwide.

The Visa B2B Connect platform is a state-of-the-art payment solution that will empower Access Bank’s business customers to execute seamless, efficient, and secure money transfers from Nigeria to diverse global markets, ultimately facilitating smooth business operations.

This partnership exemplifies Access Bank’s unwavering commitment to digital innovation and delivering top-tier services to SMEs and large corporate clients. By harnessing this collaboration, the bank seeks to elevate the customer experience and boost commerce across various trade corridors. It will equip businesses with cost-effective, reliable, and efficient cross-border payment services.

Victor Etuokwu, Deputy Managing Director of Access Bank, expressed his perspective, stating, “Access Bank has a vision to be the bank of first choice, offering innovative financial services, built on trust and driven by a passion for excellence. The partnership with Visa brings innovation to the forefront and provides our clients with the latest technology advancements to meet their changing needs.”

He further emphasized that the enrollment of Access Bank in Visa B2B Connect will underpin businesses in Nigeria, delivering rapid, transparent, and secure payment services. This move contributes to the modernization of technology and the pursuit of service excellence, ultimately enhancing Access Bank’s relationships with Nigerian businesses.

Vishal Virmani, Head of Visa B2B Connect, CEMEA, also shared his insights on the partnership: “With Access Bank’s addition to Visa B2B Connect, we are excited to launch the platform in Nigeria and West Africa to benefit businesses and the cross-border payments ecosystem in the country. The solution supports digital innovation and increases efficiency for financial institutions and their corporate clients.”

Visa B2B Connect is a pioneering, non-card-based multilateral platform that enables B2B cross-border payments to 110 countries around the world. The system prioritizes predictability, security, and cost-efficiency for financial institutions and their corporate clientele.

While cross-border payments can often appear intricate, Visa B2B Connect simplifies the process and offers transparency to customers, providing essential insights for strategic decision-making and business planning.

Andrew Uaboi, General Manager, Nigeria, and Cluster Head of West Africa at Visa, acknowledged the evolving role of technology, stating, “Technology is bringing us closer together; yet, when it comes to small businesses and corporate clients moving money around the world, there are challenges that remain that haven’t been solved.” He added, “As Access Bank joins the Visa B2B Connect network in Nigeria, the Bank’s collaboration with Visa will help businesses in the country to send and receive international payments quickly and securely.”