Earthport (AIM: EPO), the leading payment network for cross-border transactions, is pleased to announce that it has partnered with Access Bank Plc, one of Africa’s foremost financial institutions, to provide delivery of cross-border payment services into Nigeria.
Access Bank Plc is one of Nigeria’s leading financial institutions and has a strong focus on servicing the Nigerian diaspora.
This new payment channel has 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 total an estimated US$19 billion per year1, representing 4.7% of the country’s GDP2.
The partnership is part of Earthport’s longer term strategy of expansion into the African continent.
Commenting on the partnership, Victor Etuokwu, Executive Director, Access Bank Plc, Nigeria, said: “It is with great pleasure that Access Bank Plc is partnering with Earthport Plc, 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 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 SECURITY.”
Hank Uberoi, Chief Executive Officer, Earthport Plc, commented: “We are delighted to be partnering with Access Bank to extend our global payment network into Nigeria, which is undergoing a rapid transformation. 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.”