Access Bank is Developing Payment System to Link Africa's Remittance Market

Access Bank, a leading Nigerian commercial bank with operations in 22 countries, is developing Access Africa, a comprehensive payment infrastructure. This initiative will enable seamless money transfers for both individual and business clients across the African continent utilizing Access Bank accounts.

Rob Giles, Access Bank’s senior retail banking advisor, highlighted the significance of this proprietary system during a media event on November 22, stating, “It’s our proprietary rail that connects Africa.”

Leveraging its footprint in 16 key African markets, including Kenya, South Africa, and Nigeria, Access Bank intends to link its extensive customer base—the largest in Africa—to prominent international trade centers through its offices in Asia and Europe, thereby enhancing global trade opportunities.

The bank is also actively collaborating with numerous fintech companies to utilize the payment rail for cross-border transactions. “We have partnered with various remittance firms to enable transfers into mobile wallets in Kenya, for instance, and to facilitate transactions to and from China,” Giles explained.

Access Africa positions the bank to compete in the sub-Saharan African remittance sector, which is projected to be worth $54 billion in 2023. Similarly, Ecobank, a pan-African bank operating in 33 countries, offers its customers the ability to transfer funds across these nations via its Rapidtransfer payment system.

However, Access Bank will encounter significant competition from stablecoins that provide instant transfers, as well as remittance infrastructure startups like Zone and Keyrails, and the Pan-African Payment and Settlement System (PAPSS). This system, developed by the African Export-Import Bank, enables immediate cross-border payments in local currencies throughout Africa.

The bank is optimistic that its presence in 19 African countries, combined with strategic partnerships with fintechs, will help it navigate the competitive landscape. “We’re utilizing the Access Africa corridor to connect the countries where we operate,” Giles noted.