Ripple's partner, MFS Africa, has announced its collaboration with Access Bank to facilitate outward remittance from Kenya and Nigeria. The partnership will allow Access Bank customers to receive payments globally through MFS Africa partners.
MFS Africa is a digital payment network that connects over 200 million mobile wallets across the African continent. The company offers cross-border money transfer services, making it easier for people in Africa to send and receive money across borders.
Through this partnership, Access Bank customers can now access MFS Africa's network of over 130 financial institutions globally. This means that they can send money abroad without having to go through traditional banks or other intermediaries.
According to Michael Joseph, Chairman of MFS Africa, the partnership will help bridge the gap between traditional banking systems and mobile wallets in Nigeria and Kenya. He added that this new offering will provide significant benefits for both consumers and businesses looking for faster, cheaper ways of sending money abroad.
Access Bank is one of Nigeria's largest banks with a presence in several countries across the globe. The bank has been at the forefront of innovation in financial services in Nigeria and continues to expand its offerings with partnerships like this one.
This announcement comes as Ripple continues its push towards expanding its global network by partnering with leading companies like MFS Africa. With more than 300 financial institutions already using RippleNet for cross-border payments around the world, it seems likely that we'll see even more collaborations like this one going forward.
As digital payments continue their rapid growth across the African continent, partnerships like these are poised to play an increasingly important role in facilitating trade and economic growth throughout the region.