Access Bank and NOVARE Integrate Payments, Lending, and Insurance Into Malls

Read Time:2 Minute, 11 Second

Access Bank has partnered with NOVARE Real Estate Africa to launch a digital-first ecosystem across major malls in sub-Saharan Africa, embedding financial services directly into the retail experience.

Through the NOVARE mobile app, customers can make payments, apply for microloans, purchase insurance, and access loyalty programs, whether shopping online or in-store.

The platform targets up to 13 million individuals and aims to support thousands of small and medium-sized enterprises (SMEs) with modern payment infrastructure and access to capital.

The model combines retail infrastructure with embedded finance to bridge service gaps for underserved consumers and businesses. SMEs operating within NOVARE Malls will benefit from advanced payment tools and direct credit offerings, helping them grow sustainably and adapt to changing consumer behavior.

The ecosystem provides local merchants with the financial infrastructure to operate more efficiently while extending credit and insurance services to customers previously excluded from traditional banking channels.

NOVARE Real Estate Africa footprint in sub-Saharan Africa covers major retail hubs in Nigeria, Zambia, and Mozambique, including:

Novare Lekki Mall in Lagos (22,000 m², opened 2016)
Novare Gateway Mall in Abuja (15,000 m², opened 2017)
Novare Central Mall in Abuja (7,178 m²)
Novare Apo Mall in Abuja (8,000 m²)
Novare Great North Mall in Lusaka, Zambia

These malls are anchored by tenants such as Shoprite and offer a mix of retail, dining, entertainment, and financial services.

Many facilities include sustainability features, such as Novare Great North Mall in Lusaka, which is certified for green building practices and cuts utility costs by more than 40% through energy-efficient systems.

The Access Bank-NOVARE initiative mirrors a growing trend in retail and finance worldwide. In China, apps like WeChat Pay and Alipay integrate payments, lending, and insurance into all-in-one platforms that serve hundreds of millions of users.

MYbank, part of Ant Group, delivers microloans to SMEs and processes millions of daily transactions.

In India, Paytm offers a blend of payments, loans, and rewards to merchants and rural users, reaching more than 400 million customers. In the U.S., Shopify Capital embeds finance into its e-commerce platform, offering loans to online sellers.

In Africa, M-Pesa by Safaricom has built a combined platform for mobile money, credit, and insurance, serving over 50 million users.

Jefferson Wachira is a writer at Africa Digest News, specializing in banking and finance trends, and their impact on African economies.