A transformative partnership aimed at expanding access to remittances across Africa has been forged between Coronation Group, Access Holdings Plc, Safaricom Plc and M-PESA Africa (the parties), as the parties join forces in a strategic alliance dedicated to in promoting financial inclusion and enhancing economic well-being for millions across the continent.
In a press release to the newsrooms, the parties said they aim to explore solutions that would provide a remittance corridor between East and West Africa, linking some of the continent’s largest economies.
The partnership will see the convergence of Access Holdings’ strong pan-African banking infrastructure, spanning 14 African countries, with Coronation Group’s comprehensive suite of financial services offerings in West Africa, combined with M-PESA and Safaricom.
M-PESA is the continent’s leading mobile money and digital payment service, connecting more than 60 million customers and 5 million businesses in 8 countries and processing more than $1 billion a day in transaction value. Safaricom is Kenya’s leading telecommunications, ICT and financial services provider with more than 32 million customers using M-PESA services every month.
Aigboje Aig-Imoukhuede, Chairman of Access Holdings and Coronation Group, emphasized the ethos of empowerment that underpins this partnership. “We are on the cusp of an amazing journey, one poised to shape Africa’s economic landscape. This collaboration involves more than a convergence of capabilities. it means merging collective expertise, resources and an unwavering commitment to drive financial inclusion, empowering millions across Africa,” added Mr Aig-Imoukhuede.
Sharing insights into the transformational potential of the partnership, Bolaji Agbede, Acting Chief Executive Officer of Access Holdings Plc, affirmed: “Our belief remains unwavering – this partnership has the power to recalibrate the trajectory of financial services in Africa. By joining forces with Coronation Group, Safaricom and M-Pesa Africa, we will deliver on our promise to sustainably impact our stakeholders, empower individuals and contribute significantly to the continent’s economic upliftment.”
“African countries trade more with nations outside the continent than with themselves. Initiatives such as the African Continental Free Trade Area (AfCFTA) seek to address the lack of intracontinental trade. This partnership with Safaricom, Coronation Group and Access Holdings seeks to explore remittance corridors between East and West Africa by bringing to life the spirit of the AfCFTA,” said Sitoyo Lopokoiyit, MD – M-PESA Africa.
“We will work with M-PESA Africa, Coronation Group and Access Holdings to explore secure, convenient and affordable remittance solutions that will connect our customers to opportunities in West Africa. Africa remains an underserved region, especially for remittances within the continent, making these partnerships vital to closing the gap,” said Peter Ndegwa, CEO of Safaricom.
The initial phase of the partnership will focus on key markets such as Nigeria, Kenya, Ghana and Tanzania.
The collaboration is subject to commercial discussions and definitive agreements, internal corporate approvals of the respective parties and related legal and regulatory procedures. The partners remain steadfast in their compliance with regulatory frameworks and their commitment to creating an enabling environment that empowers individuals and businesses alike, promoting significant contributions to Africa’s economic development.