TIDMEPO
RNS Number : 2014N
Earthport PLC
07 August 2017
7 August 2017
Earthport Plc
("Earthport" or the "Company")
Earthport Plc expands into Nigeria to enable inbound
payments
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 year(1) , representing 4.7% of the
country's GDP(2) .
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."
ENDS
Notes to editors
(1) World Bank data, as of April 2017
(2) World Bank data, as of April 2017
For further information, please contact:
Earthport plc 020 7220 9700
Hank Uberoi, Chief Executive Officer
Simon Adamiyatt, Chief Financial Officer
Newgate
020 7653 9848
Bob Huxford/James Ash
N+1 Singer (Joint Broker) 020 7496 3000
Mark Taylor/James White
Shore Capital (Joint Broker) 020 7408 4090
Bidhi Bhoma/Toby Gibbs
About Earthport
Earthport provides cross-border payment services to banks and
businesses. Through a single relationship with Earthport, clients
can seamlessly manage payments to almost any bank account in the
world, reducing costs and complexity to meet their customers'
evolving expectations of price, speed and transparency.
Earthport offers clients access to global payment capability in
190+ countries and territories, with local ACH options in over 65
countries and an evolving suite of currencies and settlement
options.
Earthport continues to invest in the establishment of in-country
bank partnerships across the world, bringing together its deep
market and regulatory expertise in order to maintain compliant and
commercially competitive services.
The result - a global payments network accessed via a single
relationship, delivering significant cost and operating
efficiencies for banks and businesses servicing high volumes of
lower value payments.
Headquartered in London with regional offices in New York,
Dubai, Miami and Singapore, Earthport is a public company, traded
on the London Stock Exchange (AIM: EPO) with an institutional
investor base including World Bank IFC, Oppenheimer, Blackrock,
Henderson.
Please visit www.earthport.com for more information.
About Access Bank
Access Bank Plc is a full service commercial Bank operating
through a network of 368 branches and service outlets located in
major centres across Nigeria, Sub Saharan Africa, and the United
Kingdom with representative offices in China, Lebanon and the
UAE.
Listed on the Nigerian Stock Exchange in 1998, the Bank serves
its various markets through four business segments: Personal,
Business, Commercial and Corporate & Investment Banking. The
Bank has over 830,000 shareholders including several Nigerian and
International Institutional Investors and has enjoyed what is
arguably Africa's most successful banking growth trajectory in the
last twelve years ranking amongst Africa's top 14 banks by total
assets and capital in 2016*.
As part of its continued growth strategy, Access Bank is focused
on mainstreaming sustainable business practices into its
operations. The Bank strives to deliver sustainable economic growth
that is profitable, environmentally responsible and socially
relevant
Please visit www.accessbankplc.com for more information.
*The Banker Top 25 Banks in Africa (Top 1000 World Banks
2017)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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