Grace Ashiru
Access Bank, one of Nigeria’s tier-1 commercial banks with operations in 22 countries, is developing a payment rail called Access Africa. This initiative aims to enable seamless money transfers across the continent through Access Bank accounts.
“It’s our proprietary rail that connects Africa,” said Rob Giles, Senior Retail Banking Advisor at Access Bank, during a media briefing on November 22.
With a footprint in 16 key African markets, including Nigeria, Kenya, and South Africa, Access Bank is leveraging its extensive network to link African customers—the largest customer base on the continent—to major international trade hubs. Through its physical offices in Europe and Asia, the bank is set to facilitate global trade, strengthening economic connections.
Additionally, Access Bank is collaborating with “as many fintechs as possible” to enhance the usability of its payment rail for cross-border money transfers. “We partnered with other remittance companies to [enable transfers] into a mobile wallet in Kenya, for example, or to facilitate transfers to and from China,” Giles explained.
Access Africa positions the bank to compete in the sub-Saharan African remittance market, which was valued at $54 billion in 2023. Ecobank, a leading pan-African bank operating in 33 African countries, similarly enables customers to transfer money across these countries through Rapidtransfer, its dedicated payment rail.
Access Bank will contend with significant competition, including stablecoins that provide instant transfers, remittance infrastructure startups such as Zone and Keyrails, and the Pan-African Payment and Settlement System (PAPSS). Developed by the African Export-Import Bank, PAPSS facilitates instant cross-border payments in local currencies across Africa.
Access Bank aims to leverage its presence in 19 African countries and strategic partnerships with fintech companies to maintain a competitive edge. “We’re [using] the Access Africa corridor to link countries [where the bank operates],” explained Giles.
