A Nigerian tier-1 commercial bank, operating in 22 countries, is developing a payment rail known as Access Africa. This initiative aims to facilitate money transfers across the continent through Access Bank accounts.
During a media briefing on November 22, Rob Giles, a senior retail banking advisor at Access Bank, described Access Africa as the bank’s proprietary rail connecting Africa.
Utilizing its presence in 16 key African markets such as Kenya, South Africa, and Nigeria, Access Bank plans to link its African customers to major international trade hubs. This will be achieved through physical offices in Asia and Europe to enhance global trade.
In addition, Access Bank is collaborating with various fintech companies to enable cross-border money transfers using the payment rail. Giles mentioned partnerships with remittance companies for services like transfers to mobile wallets in Kenya and facilitating transactions to and from China.
Access Africa will position Access Bank to compete in the sub-Saharan African remittance market, estimated at $54 billion in 2023. Ecobank, a pan-African bank operating in 33 countries, also offers a similar service called Rapidtransfer for money transfers among its customers across African nations.
Despite facing competition from stablecoins, remittance infrastructure startups, and other payment systems like the Pan-African Payment and Settlement System (PAPSS), Access Bank is optimistic. With a presence in 19 African countries and strategic fintech partnerships, the bank aims to leverage the Access Africa corridor to interlink its operating countries.