Mastercard and Access Bank Group, a Nigerian multinational bank, have partnered to enhance cross-border payments. The two companies today (Thursday) launched a new solution in Lagos, Nigeria, designed to help businesses and consumers on the continent make international transactions.

Enhancing cross-border payments

According to a press release, the partnership accelerates Africa's integration into the global economy by providing a gateway for businesses and individuals to participate in international transactions. It promises to provide fast, traceable payment origination and delivery solutions.

Mark Elliott, President, MasterCard Africa, said, “MasterCard offers Access Bank's customers innovative solutions that prioritize selectivity, security and flexibility. This partnership signals our commitment to transforming the payments experience as it not only brings state-of-the-art payment solutions to the bank's diverse customers, but also expands the reach of MasterCard's financial and digital ecosystem, ensuring that millions of customers from underserved communities are able to actively participate in the evolving financial and digital economy.”

With operations across Africa, Access Bank will offer multiple channels including bank accounts, mobile wallets, cards and cash, enabling customers to send and receive cross-border payments globally.

Driving financial inclusion

In addition, Access Bank will leverage MasterCard's network assets and financial capabilities to reduce the cost of international transactions for businesses and consumers, thereby optimizing liquidity and capital in the marketplace. The companies hope this initiative will play a key role in bridging the financial divide and creating a more inclusive and prosperous future for all Africans.

Meanwhile, MasterCard recently extended its partnership with I&M Bank for an additional eight years to enhance its services to Kenyan cardholders. The partnership aims to leverage the technology and local networks of both companies to provide seamless and secure payment solutions for individuals and businesses in Kenya.

The expanded partnership will see the launch of a range of card types including Platinum Debit, World Elite Debit, World Debit, Multi-Currency Prepaid and Credit cards. Each card type offers unique travel benefits, privileges and experiences to provide cardholders with a personalized banking experience.