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RNS Number : 2014N
07 August 2017
7 August 2017
("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."
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
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
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) Dow Jones Newswires
August 07, 2017 02:00 ET (06:00 GMT)