In an effort to streamline and simplify cross-border transfers and payments across Africa and beyond, Access Bank Africa has embarked on a strategic partnership with Thunes, a prominent global payment infrastructure platform to enhance cross-border payments across the continent.
The partnership will allow Access Africa to facilitate inbound and outbound cross-border payments in 13 markets: Botswana, Cameroon, the Democratic Republic of the Congo, Gambia, Ghana, Guinea, Kenya, Mozambique, Nigeria, Rwanda, Sierra Leone, South Africa and Zambia.
The bank in a statement noted that the primary objective of this collaboration is benefiting both customers and non-customers of Access Africa.
Speaking on the partnership, Senior Advisory Retail, Access Bank Robert Giles stated, “This strategic partnership reinforces Access Africa’s commitment to providing customers and non-customers with access to top-quality remittance services. Thunes is a cross-border payments network founded in 2016 that enables corporates and financial institutions to move funds seamlessly and provide financial services in emerging markets. Our partnership will significantly expand the reach of Access Africa’s payment and remittance services to over 100 more countries, and expose Thunes to all 60 million+ customers of Access Africa with over 600 branch locations.”
“Through this partnership, customers of Access Africa (both account and non-account holders) will be able to make simple international payments, as well as receive diaspora inflows in USD from countries in Africa, Americas, APAC, Europe, Greater China, and MENA, in the form of cash or bank deposits.
“The partnership between Access Africa’s Payment and Remittance services and Thunes will bring the benefits of modern digital payment technology to the parties involved, addressing the frictions of the traditional bank-based cross-border payment flows, and making payments faster, easier, and more transparent. This collaboration will bring significant improvements to the African Fintech ecosystem and payment infrastructure”. Rob concluded.
In addition, the Executive Vice President for Thunes, Aik Boon Tan said, “Access Africa has been at the forefront of innovation in the African banking sector, and is one of the largest banks on the continent. We are excited for the future of our partnership with Access Africa as we aim to enhance the connections between Africa and the rest of the world, bringing major improvements to customers who need to make regular cross-border payments to and from African markets.”
Access Africa is a payment product designed to simplify global payments for person-to-person, business-to-business, person-to-business, government-to-person, and other payment flows. It enables efficient and effective transfers, including but not limited to school fees payments, merchant payments, eCommerce payments, trade payments and diaspora workers payments. Access Africa corridors include United Kingdom, China, Spain, Turkey, France, Italy, Germany, Cyprus, Norway, Austria, Switzerland, Belgium, India, Hong Kong, Ghana, Gambia, Rwanda, Zambia, Sierra Leone, Kenya, DR Congo, Mozambique, Guinea, Botswana and many more.