Transfast, a cross-border payments and remittance firm has partnered with Access Bank to facilitate inflow of remittance to bank accounts and 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 one a leading commercial banks in Nigeria, with an extensive network of millions of customer accounts and over 318 branches.
The new partnership with Transfast, according to a statement, would 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 would 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 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.
This partnership is significant for Transfast, the firm stated.
“The relationship with Access Bank will allow us not only to extend our network footprint, but also build on the trust that Access Bank enjoys amongst its customers,” Mr. Samish Kumar, CEO – Transfast said.
“Access Bank’s state of the art technology makes it an effective delivery platform for Transfast services whose focus is in providing a seamless experience to its customers both on the send side & at the point of collection,” added.
Commenting on the partnership, Victor Etuokwu, Executive Director, Access Bank Plc said: “It is with great pleasure that Access Bank Plc is partnering with Transfast a reputable global payment network to meet the needs of our customers who require a sound and reliable international payment platform.
“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 mutually beneficial to both parties. This alliance also supports the Bank’s aspiration of being Africa’s gateway to the world.”