Access Bank Plc and American Express have entered into a deal to broaden the acceptance and use of American Express Cards in Nigeria, a move that is expected to increase foreign exchange (forex) inflow into Nigeria.
The partnership places Access Bank as the first full-service bank to acquire merchants who will accept American Express Card payments in the country.
It will enable American Express Card holders use their cards at a wider range of merchant locations when they spend time in Nigeria for tourism, business or visit friends and family.
International American Express Card holders will also be able to withdraw cash from Access Bank ATMs. Local merchants will now have the option to accept American Express through Access Bank, thereby not only encouraging increased merchant business activity but also offering travelling American Express Card holders the opportunity to transact using their preferred method of payment.
Senior Banking Advisor, Retail Banking, Access Bank Plc, Robert Giles, said the new partnership will broaden the acceptance of American Express payments through Access Bank as well as Access Bank ATMs and ecommerce websites nationwide.
According to him, many global organisations use American Express Corporate Cards as well as their employees who use these products for personal and business transactions.
When international travel recovers, many corporate card holders travelling to Nigeria for business are therefore likely to seek merchants that accept American Express, presenting an opportunity for those businesses that welcome the card.
He noted that Access Bank merchants who welcome the use of American Express cards will benefit from an additional high-spending customer base.
“We are proud to be partnering with American Express to bring some of the best payment solutions in the world to Nigeria. Access Bank has the largest and most accessible ATM network in the country, a leading payments business with over 16 million card holders and a huge acceptance network both online and point of sale. The benefits will be immediate as soon as travel resumes. We expect significant demand for American Express acceptance in the country, and business travellers and tourists from across the globe will now be able to use the card of their choice. This is great news for Nigerian businesses and will help bring foreign exchange inflows into the country. We value the confidence that American Express has placed in us to significantly enhance the payment experience in our market,” Giles said.
Vice President, EMEA Network Partnerships, American Express, Vivi Galani said the partnership with Access Bank will further expand the presence of American Express in Nigeria, which is an important location for its travelling card holders and a fast-growing market for commerce.
“This agreement will give international card members even more locations to use their cards in Nigeria, whether they are travelling for business or leisure, and this will be particularly important as international travel resumes. For local merchants, it provides the opportunity to capture more business from global card holders visiting the country,” Galani said.