Access Bank announces Alliance Banking partnership with Bettr
access | announces

Access Bank announces Alliance Banking partnership with Bettr

Access media statement:

This letter has reference to the Alliance Banking partnership between Bettr (Pty) Ltd (“Bettr”) and Access Bank South Africa Limited (“the Bank”) as defined in the interim agreement signed 26.03.2021 by both parties.

It has been expressed and a material term of the Bank’s stated interest that any potential collaboration or business venture with Bettr is subject to a final approval by its Executive Committee and the South African Reserve Bank (“SARB”) once the Bank has finalised the alliance banking onboarding process.

We are pleased to advise that, subsequent to the relevant applications, the Bank has received approval from SARB for the Alliance Banking partnership with Bettr.

The Prudential Authority (“PA”) has granted approval for the Bank to outsource the following banking services:

• Customer on-boarding (CIV and record retention);

• Platform hosting – Digital Accounts;

• Switching and processing of various payment streams; and

• Mobile banking channels.

This approval is granted with certain conditions and is limited to the scope of products and services as has been approved and developed during our engagements and submitted to the SARB in the application process.

The conditions are regulatory in nature and will form part of the ongoing project that is currently underway with Bettr.

We look forward to progressing and finalising the final steps of this process with Bettr, and to bringing this exciting initiative into full customer production.

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