Mastercard and Access Bank Group, a Nigerian
multi-national bank, have partnered to enhance cross-border payments. The two
entities launched a new solution, designed to enable businesses and consumers
across the African continent to access international transactions, in Lagos, Nigeria, today (Thursday).
Enhancing Cross-border Payments
According to the press release, this collaboration
accelerates Africa’s integration into the
global economy by offering a gateway for businesses and individuals to engage
in international transactions. It promises fast and traceable payment
origination and delivery solutions.
Mark Elliott, the Division President for Africa at
Mastercard, mentioned: “Empowering Access Bank customers with innovative
solutions that prioritize choice, security, and flexibility is an achievement
that fills us with great pride. This collaboration signifies our commitment to
transforming payment experiences as it not only brings cutting-edge payment
solutions to the bank’s diverse clientele but also extends the reach of
Mastercard’s financial and digital ecosystem, ensuring millions from underserved
communities can actively participate in the evolving financial and digital
economy.”
With operations spanning across Africa, Access Bank
will provide a diverse range of channels, including bank accounts, mobile
wallets, cards, and cash, to enable customers to send and receive cross-border
payments globally.
Driving Financial Inclusion
Additionally, Access Bank aims to optimize liquidity and capital in
the markets by leveraging Mastercard’s network assets and treasury
capabilities to reduce international transaction costs incurred by
businesses and consumers. The two entities expect this initiative to play a
pivotal role in bridging the financial divide and creating a more inclusive and
prosperous future for all Africans.
Meanwhile, Mastercard recently extended its collaboration with I&M Bank for eight years to enhance services for cardholders in Kenya. The partnership aims to facilitate seamless and
secure payment solutions for individuals and businesses across the country
using the technology of both entities and the local network.
The extended collaboration introduces a range of card
options, including Platinum Debit, World Elite Debit, World Debit,
Multicurrency Prepaid Cards, and Credit Cards. Each card category offers unique
travel benefits, privileges, and experiences, providing cardholders with a
personalized banking experience.
This article was written by Jared Kirui at www.financemagnates.com.
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