ACCESS Forex, a local next-generation financial services platform, has announced a significant partnership with some of Africa’s largest mobile money operators, including Safaricom, MTN and Airtel.
This collaboration is set to expand the company’s footprint across the continent, tapping into the rapidly growing mobile money sector.
Speaking to businessdigest, Access Forex Group CEO Ray Chigogwana said the evolving landscape in remittances offered opportunities for nimble firms ready to adapt.
“Access Forex has undergone significant transformations over the past year, including a major upgrade to our remittance platform, giving us more control of client data and transactions,” Chigogwana said.
“We have expanded our market reach to include not only global strategic partnerships like World Remit, Mama Money and TerraPay but also with local banks like AFC, NMB Bank and NBS which enhance our service network.
“Alongside these advancements, we have faced and addressed notable challenges, such as heightened security breaches which prompted us to implement advanced fraud detection systems.
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“Additionally, adapting our business model has led to staff changes, but we have successfully managed this transition by diversifying the structure of our business to focus on building teams that can multitask and adapt quickly.
“These efforts, combined with new product offerings and improved customer support, demonstrate our commitment to innovation and resilience, positioning us well for future growth and enhanced customer value.”
He pointed to the increasing role mobile money platforms play in financial transactions across Africa as a key driver of the company’s expansion strategy.
“Mobile money platforms like Safaricom, MTN and Airtel have become integral to everyday financial activities for millions,” Chigogwana said.
“By expanding our remittance services to include these platforms, we aim to enhance convenience for our customers, leveraging the widespread adoption and accessibility of mobile money to provide a more seamless remittance experience.”
This partnership, he said, would enable Access Forex to tap into a broader market and meet the changing needs of its customers, while aligning with the growing trend of mobile money services.
He explained that the integration with these major platforms would make accessing funds easier, reduce transaction times, and offer greater convenience for users.
Initially, the company is piloting the integration in the South Africa-Zimbabwe remittance corridor, with plans to roll out the service across Zimbabwe in the near future.
Chigogwana said these integrations would contribute to a more inclusive financial ecosystem and could potentially lower remittance costs.
“Over the past year, the fintech landscape has evolved in ways that presented new opportunities and challenges,” he said. “The financial sector is facing regulatory hurdles and cyber security risks in some of our key markets and we have some infrastructure limitations that are keeping the cost of delivering our product to clients very high.”