Emerging market payments and foreign exchange provider Crown Agents Bank Ltd. is partnering with MTFX Group, a similar company based in Canada, to expand digital payments access across Africa.
The strategic partnership will provide MTFX’s client base with an increased ability for moving money across Africa and access to exotic foreign exchange currencies.
London-based Crown Agents Bank will provide MTFX with liquidity across emerging market currencies, particularly in African markets, to ensure fast and secure settlement.
The bank’s broad access to local correspondent banks, combined with competitive FX pricing across the emerging markets, will make it a cost-effective and faster solution for MTFX’s corporate, small business, education sector and non-governmental clients, the companies said.
“Moving money across emerging markets has been our specialism for decades," David Bee, head of client coverage and markets at Crown Agents Bank, said in a Monday press release. "It’s exciting for us to work with technology-led businesses like MTFX and expand their access into our core markets."
In addition to the FX capabilities, MTFX will also leverage Crown Agents Bank’s digital payment rails, delivering payments to MTFX’s client’s beneficiaries locally. MTFX Groups says it is one of the largest foreign exchange and global payment solution providers, spanning across multiple industries in almost every business category.
Crown Agents Bank says it has been operating across emerging markets for nearly two centuries. It has a growing portfolio of non-banking financial institutions and fintech clients, particularly over the last few years of accelerated digital transformation.
