Cross-border remittances are vital for Africa, with a projected 2.5% growth expected in 2024.
Customers can now send and receive payments through various channels, including bank accounts, mobile wallets, cards, and cash.
Access Bank Group, a multinational banking institution, has
recently unveiled a collaborative effort with Mastercard aimed at enhancing
access to cross-border payments and remittances within the African continent.
This initiative is described as a strategic move towards
integrating Africa into the global economy, emphasizing the partnership's use
of Mastercard Move's network and treasury capabilities. Utilizing Access Bank's
Access Africa platform, individuals and businesses stand to gain from quicker,
traceable, and cost-effective international transactions.
Expanding Cross-Border Payment across Africa
The implementation of this solution extends across Africa,
with outlined strategies for broader coverage throughout the continent. Access
Bank Group's Access Africa platform, strengthened by Mastercard's network
assets and treasury expertise, aims to provide an array of payment alternatives
for its clientele.
Access Bank customers within the bank's operational
jurisdictions across Africa now possess the capability to conduct cross-border
payments globally through various channels, including bank accounts, mobile
wallets, cards, and cash.
βThis collaboration signifies our commitment to transforming
payment experiences as it not only brings cutting-edge payment solutions to the
bankβs 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," said
Mark Elliott, Division President for Africa at Mastercard.
Growth in Remittance Flows for Sub-Saharan Africa
Cross-border remittances retain their significance in
Africa's economic landscape, evidenced by a notable 1.9% surge in flows to
Sub-Saharan Africa in 2023, totalling $54 billion. This growth is attributed to
substantial remittance increases in Mozambique, Rwanda, and Ethiopia, with
Nigeria emerging as a significant contributor.
Projections indicate a further 2.5% uptick in remittance
flows for the region in 2024. Moreover, business-to-business cross-border
payments serve as indispensable conduits for many enterprises reliant on
regional and international trade to propel African economic growth.
Access Bank Group, a multinational banking institution, has
recently unveiled a collaborative effort with Mastercard aimed at enhancing
access to cross-border payments and remittances within the African continent.
This initiative is described as a strategic move towards
integrating Africa into the global economy, emphasizing the partnership's use
of Mastercard Move's network and treasury capabilities. Utilizing Access Bank's
Access Africa platform, individuals and businesses stand to gain from quicker,
traceable, and cost-effective international transactions.
Expanding Cross-Border Payment across Africa
The implementation of this solution extends across Africa,
with outlined strategies for broader coverage throughout the continent. Access
Bank Group's Access Africa platform, strengthened by Mastercard's network
assets and treasury expertise, aims to provide an array of payment alternatives
for its clientele.
Access Bank customers within the bank's operational
jurisdictions across Africa now possess the capability to conduct cross-border
payments globally through various channels, including bank accounts, mobile
wallets, cards, and cash.
βThis collaboration signifies our commitment to transforming
payment experiences as it not only brings cutting-edge payment solutions to the
bankβs 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," said
Mark Elliott, Division President for Africa at Mastercard.
Growth in Remittance Flows for Sub-Saharan Africa
Cross-border remittances retain their significance in
Africa's economic landscape, evidenced by a notable 1.9% surge in flows to
Sub-Saharan Africa in 2023, totalling $54 billion. This growth is attributed to
substantial remittance increases in Mozambique, Rwanda, and Ethiopia, with
Nigeria emerging as a significant contributor.
Projections indicate a further 2.5% uptick in remittance
flows for the region in 2024. Moreover, business-to-business cross-border
payments serve as indispensable conduits for many enterprises reliant on
regional and international trade to propel African economic growth.
AI Drives Fintech, Trump Announces $20B Data Centers
Executive Interview with Andrian Coxon | Exante | FMLS:24
Executive Interview with Andrian Coxon | Exante | FMLS:24
Executive Interview with Andrian Coxon, CMO at Exante during FMLS:24
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Executive Interview with Andrian Coxon, CMO at Exante during FMLS:24
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Executive Interview with Siju Daniel & Wei Qiang Zhang | ATFX | FMLS:24
Executive Interview with Siju Daniel & Wei Qiang Zhang | ATFX | FMLS:24
Executive Interview with Siju Daniel, from ATFX and Wei Qiang Zhang from ATFX Connect | FMLS:24
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Executive Interview with Siju Daniel, from ATFX and Wei Qiang Zhang from ATFX Connect | FMLS:24
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Executive Interview with Adam Saward | EC Markets | FMLS:24
Executive Interview with Adam Saward | EC Markets | FMLS:24
Executive Interview with Adam Saward | EC Markets | FMLS:24
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Executive Interview with Johnny Khalil | Tickmill | FMLS:24
Executive Interview with Johnny Khalil | Tickmill | FMLS:24
Executive Interview with Johnny Khalil, Executive Director at Tickmill during FMLS:24
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How Modern Consumer Habits Are Transforming Global Payments
How Modern Consumer Habits Are Transforming Global Payments
The evolution of consumer expectations is reshaping the payments sphere worldwide. From seamless in-store purchases to instant cross-border transfers, the demand for secure and frictionless payment solutions is transforming how businesses and financial institutions approach transactions. But what does this mean for the future of payments, and how can organizations keep up?
On December 4, 2024, Finance Magnates, in partnership with @Visa Direct, hosted a live webinar dedicated to exploring these pressing questions. Industry experts will provided actionable insights into the trends, challenges, and opportunities in global payments, equipping attendees with the tools they need heading into 2025.
DISCLAIMER:
The views and opinions expressed in this webinar are those of the speakers and do not necessarily reflect the views or positions of any entities they represent (including, but not limited to their respective parent companies or affiliates). The views and opinions expressed are based upon information the speakers consider reliable and are intended for informational purposes only and should not be relied upon for operational, marketing, legal, technical, tax, financial or other advice. No party (speaker or the entities they represent) makes any warranty or representation as to the completeness or accuracy of the information within this webinar, nor assumes any liability or responsibility that may result from reliance on such information. The information contained herein is not intended as investment or legal advice, and readers are encouraged to seek the advice of a competent professional where such advice is required.
#FinanceMagnates #VisaDirect #GlobalPayments #FutureOfPayments #PaymentsInnovation #CrossBorderPayments #SecurePayments #SeamlessTransactions #FinancialInsights #PaymentsTrends #WebinarRecap #BusinessFinance #DigitalPayments #FintechInsights #Payments2025
The evolution of consumer expectations is reshaping the payments sphere worldwide. From seamless in-store purchases to instant cross-border transfers, the demand for secure and frictionless payment solutions is transforming how businesses and financial institutions approach transactions. But what does this mean for the future of payments, and how can organizations keep up?
On December 4, 2024, Finance Magnates, in partnership with @Visa Direct, hosted a live webinar dedicated to exploring these pressing questions. Industry experts will provided actionable insights into the trends, challenges, and opportunities in global payments, equipping attendees with the tools they need heading into 2025.
DISCLAIMER:
The views and opinions expressed in this webinar are those of the speakers and do not necessarily reflect the views or positions of any entities they represent (including, but not limited to their respective parent companies or affiliates). The views and opinions expressed are based upon information the speakers consider reliable and are intended for informational purposes only and should not be relied upon for operational, marketing, legal, technical, tax, financial or other advice. No party (speaker or the entities they represent) makes any warranty or representation as to the completeness or accuracy of the information within this webinar, nor assumes any liability or responsibility that may result from reliance on such information. The information contained herein is not intended as investment or legal advice, and readers are encouraged to seek the advice of a competent professional where such advice is required.
#FinanceMagnates #VisaDirect #GlobalPayments #FutureOfPayments #PaymentsInnovation #CrossBorderPayments #SecurePayments #SeamlessTransactions #FinancialInsights #PaymentsTrends #WebinarRecap #BusinessFinance #DigitalPayments #FintechInsights #Payments2025