Following the signing of the Africa Continental Free Trade Agreement (AfCFA) by Nigeria, Africa’s largest Bank, Access Bank Plc, has announced the launch of a payments platform, AccessAfrica aimed at simplifying payments in Africa.
Access Bank said that the money transfer product would allow its customers and non-customers engage in cross border transfers.
In a released statement, the bank stated that the platform will be available in all its branches and via the Access Bank mobile. It added that Non-Access Bank account holders can also benefit by visiting any of the 600 branches in Nigeria and subsidiaries either using local currency or USD.
The bank stated that part of its 5-year strategy is to create a Universal Payments Gateway to dominate international trade and inter-African payments.
Access Bank said that traditional payment services have not kept pace with the economic and technological shifts in the industry as the payment model still operates under a correspondent banking relationship.
It further stated that multiple intermediary banks are often required and as the number increases, the model becomes more inefficient and expensive.
According to report, more than 80 per cent of transactions sent from Africa to the US have their final beneficiary in other regions. It added that the three main regions where these payments will eventually be transferred to are Asia Pacific (42%); Africa (I7%) and Non-Euro Zone (10%)
According to the report these payments had no business leaving the shores of Africa in the first place only to clear in the US and come back to Africa, as it is more expensive, slow and final amount beneficiary will receive is uncertain.
It is based on this that AccessAfrica was designed to address these challenges by providing a cheap, convenient and fast option of making payments within and outside Africa.
Also, Access Bank said it is strategically positioned to service cross border flows, trade, corresponding banking and remittances, stressing that its customers in Nigeria, Ghana, Gambia, Rwanda, Zambia, DRC and Sierra Leone can immediately take advantage of this fantastic new service by downloading the Access Bank Mobile App, or walking into any Access Bank Branch to get started.