- Transfast is a cross-border payments and remittance specialist that has been seeking to strengthen its presence within the continent
- The fintech’s partnership with a leading commercial bank in Nigeria will connect an estimated 15 million Access Bank customers as well as individuals who are unbanked
- The Nigerian bank has over 318 branches in different parts of Africa
Access Bank and Transfast just inked a new deal to put up an international money transfer service in select places in Africa, according to reports.
While Transfast is already in Nigeria, their partnership with the bank will further strengthen its network and will make it even more convenient for its clients to send and receive money. Transfast representatives say that their platform will allow users to send funds to Access Bank accounts directly.
Transfast is used by the African diaspora in over 125 countries the company says, and based on data from Access Bank, the commercial financial institution currently has 15 million customers in Nigeria, Sierra Leone, Rwanda, Gambia, Zambia, and the Democratic Republic of Congo. According to the fintech, the partnership will effectively connect existing Access Bank customers to better money transfer services.
The Nigerian bank has an extensive network comprising of over 318 branches. It’s not just Transfast who will benefit from the deal, according to news reports from Lagos because Access Bank’s customers will be able to access funds from abroad without going to a remittance centre.
Africans who do not have accounts with the leading commercial bank will still be able to receive remittances from relatives and friends abroad. The deal is also in support of government efforts to achieve financial inclusion for all. Aside from Nigeria, other African nations are also pushing for better financial access for their citizens.
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