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.