Access Bank and MasterCard teams said remittances to the region are expected to increase by 2.5% in 2024.

Access Bank Group is working with MasterCard to increase access to cross-border payments and remittances to and from the continent.

The multinational bank announced today that by combining MasterCard Move's network and treasury capabilities, Access Bank will enable people and businesses to process international transactions via its Access Africa platform.

In a statement, the two firms said the newly released solution will be active across Africa starting today, with ambitions to expand further across the continent.

Customers in Access Bank's African operating countries can now send and receive cross-border payments via a variety of channels including bank accounts, mobile wallets, cards, and cash.

According to the statement, the solution's launch comes as cross-border remittances continue to play an important role in Africa's economy, with flows to Sub-Saharan Africa are expected to increase.

Access Bank and MasterCard said remittances to the region are expected to increase by 2.5% in 2024.

Robert Giles, senior advisor, retail banking, Access Bank, said: “By combining our strengths, we can unlock new opportunities, bridge the financial divide, and create a more inclusive and prosperous future for all Africans.”

Similarly, Mark Elliott, MasterCard's division president for Africa, added that this collaboration demonstrates a commitment to improving payment experiences across the continent, ensuring that millions from underserved area can actively engage in the expanding financial and digital economy.

The solution's technical implementation was Fable Fintech, an Express Partner of the MasterCard Move Partner Programme.

The MasterCard Partner Programme is a global network of technological innovators working together to achieve success in digital payments globally.

Naushad Contractor, co-founder and CEO of Fable Fintech added: “We look forward to working on more innovative solutions that will empower the lives of African customers and businesses.”