Access Bank, one of Nigeria’s leading financial institutions, is developing a groundbreaking payment rail called Access Africa. This proprietary platform is designed to streamline money transfers across the continent, creating a unified financial corridor for individuals and businesses.
Building Bridges Across Africa
The new payment rail leverages Access Bank’s extensive presence in 16 key African markets, including Nigeria, Kenya, and South Africa, to connect customers across the continent. By tapping into its vast network of offices in Asia and Europe, the bank aims to facilitate global trade while making cross-border transactions more accessible.
The new payment rail leverages Access Bank’s extensive presence in 16 key African markets, including Nigeria, Kenya, and South Africa, to connect customers across the continent. By tapping into its vast network of offices in Asia and Europe, the bank aims to facilitate global trade while making cross-border transactions more accessible.
“It’s our proprietary rail that connects Africa,” said Rob Giles, Access Bank’s senior retail banking advisor, during a media briefing on November 22. He emphasised the bank’s commitment to using this infrastructure to link African customers—the largest client base on the continent—with major international trade hubs.
To further enhance its capabilities, Access Bank is partnering with various fintech companies. These collaborations will enable seamless transfers to mobile wallets in countries like Kenya and support transactions between Africa and other key markets, including China. “We partnered with other remittance companies to [enable transfers] into a mobile wallet in Kenya, for example, or to facilitate transfers to and from China,” Giles explained.
This move positions Access Bank as a strong contender in sub-Saharan Africa’s remittance market, which was valued at $54 billion in 2023.
Navigating a Tough Environment
Access Bank’s entry into the remittance space comes amidst fierce competition. Ecobank, a pan-African bank operating in 33 countries, already offers similar services through its Rapidtransfer platform. Additionally, emerging technologies like stablecoins and platforms such as the Pan-African Payment and Settlement System (PAPSS) are challenging traditional banks by providing instant, local-currency cross-border payments.
Despite this, Access Bank is confident that its expansive network across 19 African countries and its partnerships with fintechs will set Access Africa apart. “We’re [using] the Access Africa corridor to link countries [the bank is present in],” said Giles
With Access Africa, Access Bank envisions a future where businesses and individuals can transfer funds effortlessly across borders, supporting economic growth and enhancing financial inclusion. By blending innovation with its established infrastructure, the bank hopes to redefine the remittance landscape in Africa while bridging the gap between the continent and global markets
