Access Bank, one of Nigeria’s top commercial banks, is revolutionizing cross-border payments in Africa with a new platform, Access Africa. The payment rail aims to make it easier for individuals and businesses to send money across the continent using Access Bank accounts.
“It’s our proprietary rail that connects Africa,” said Rob Giles, the bank’s senior retail banking advisor, at a recent media parley.
Access Bank, operating in 19 African countries, plans to leverage its presence in key markets like Kenya, South Africa, and Nigeria. The bank also has offices in Asia and Europe, which it hopes will strengthen its ability to connect Africa to global trade hubs.
The platform responds to the growing need for seamless cross-border transactions in sub-Saharan Africa, where remittances were valued at $54 billion in 2023. Access Bank is positioning itself as a major player in this lucrative market by partnering with various fintech and remittance companies.
For instance, the bank has teamed up with companies that enable transfers into mobile wallets in Kenya and enable money transfers to and from China. “We partnered with other remittance companies to [enable transfers],” Giles explained.
Despite its ambitious plans, Access Africa faces stiff competition. Ecobank’s Rapidtransfer service already supports transfers across 33 African countries. Stablecoins and remittance startups like Zone and Keyrails also offer fast, cost-effective cross-border solutions. Additionally, the Pan-African Payment and Settlement System (PAPSS), developed by the African Export-Import Bank, provides instant transfers in local currencies.
Access Bank remains confident that its broad presence and strategic fintech partnerships will give it an edge. “We’re [using] the Access Africa corridor to link countries [the bank is present in],” Giles said.
As Africa continues its digital transformation, Access Bank’s Access Africa could play a key role in simplifying trade and personal transactions across borders.
