Earthport ventures into Nigerian payments market
British payments company Earthport has partnered with Access Bank in order to deliver cross-border payment services in Nigeria.
Earthport said that the collaboration with Access Bank is part of its ‘longer term strategy’ to expand into the African continent.
Earthport CEO Hank Uberoi said: “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.”
The payments sourced from outside Nigeria now total an approximately $19bn per annum, which is roughly equal to 4.7% of the country’s GDP, according to World Bank data.
Commenting on the agreement, Access Bank executive director, Victor Etuokwu said: “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.”