TRANSFAST, a leading provider of cross-border payments and remittance solutions, has partnered with Access Bank to facilitate inflow of remittance to bank accounts & delivery in the form of cash pay-outs from any of Access Bank’s outlets in Nigeria.
The two entities signed a global agreement to offer remittance services to expatriates sending money to their loved ones across select markets in Africa.
The new partnership further expands Transfast’s presence in Nigeria, allowing its customers in over 125+ countries to send money to millions of Access Bank accounts as well as non-account holders. Access Bank is a leading commercial bank in Nigeria, with an extensive network of millions of customer accounts and over 318 branches.
The new partnership with Transfast will increase convenience and ease of banking for Access Bank’s customers in Nigeria as well as support the country’s efforts to achieve financial inclusion. The partnership will ultimately connect over 15 million Access Bank customers in Nigeria, Democratic Republic of the Congo, Ghana, Rwanda, The Gambia, Sierra Leone and Zambia to Transfast’s best in class online money transfer experience.
With a diaspora of 15 million people living in countries including the United States, the United Kingdom, Australia and Canada, remittances play a significant role in Nigeria’s economy. The World Bank estimates that in 2017 alone Nigeria received $22 billion in remittances, making it the largest recipient in Africa.