Cross-border payment network Earthport announced on Monday that it partnered with Access Bank, one of Africa’s foremost financial institutions, to provide delivery of cross-border payment services into Nigeria.
The AIM-traded firm described Access Bank as one of Nigeria’s ‘leading financial institutions’, and had a strong focus on servicing the Nigerian diaspora.
“It is with great pleasure that Access Bank is partnering with Earthport, a reputable global payment network, to meet the needs of our customers who require a sound and reliable international payment platform,” said Access Bank Nigeria executive director Victor Etuokwu.
“As a top player in the remittance industry in Nigeria, our wide branch network and large customer base will be invaluable to this partnership and we are confident that this relationship will be a mutually beneficial one to both parties.
“This alliance also supports the bank’s vision of being ‘the world’s most respected African bank’ and our mantra of speed, service and services.”
Earthport said the new payment channel had been created in direct response to the need for more effective servicing of remittances and low-value payments sourced from outside the country, which now totalled an estimated $19bn per year, representing 4.7% of the country’s GDP.
The partnership was part of Earthport’s longer term strategy of expansion into the African continent.
“We are delighted to be partnering with Access Bank to extend our global payment network into Nigeria, which is undergoing a rapid transformation,” said Earthport CEO Hank Uberoi.
“With this comes a growing demand for efficient cross-border payment services, which Earthport will deliver to this important market, together with innovative solutions for financial inclusion.
“This is also a significant step in the expansion of Earthport’s global footprint.”