A collaboration aimed at broadening access to remittances across Africa has been forged among Coronation Group, Access Holdings Plc, Safaricom Plc and M-PESA Africa, which have formed a strategic alliance to propel financial inclusion across the continent.
The parties aim to explore solutions that will provide a remittance corridor between East and West Africa, connecting some of the continent’s largest economies. The collaboration will see the convergence of Access Holdings’ robust Pan-African banking infrastructure, spanning 14 African countries, with Coronation Group’s comprehensive array of technology-infused financial services offerings in West Africa, coupled with M-PESA and Safaricom.
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M-PESA is the continent’s leading mobile money and digital payments service, connecting more than 60 million customers and 5 million businesses across 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 of its customers using M-PESA services every month.
Aigboje Aig-Imoukhuede, Chairman of Access Holdings and Coronation Group, emphasised the ethos of empowerment that forms the foundation of this collaboration. “We stand at the threshold of an extraordinary journey, one poised to shape the financial landscape of Africa,” Mr Aig-Imoukhuede said. “This partnership encompasses more than a convergence of capabilities; it signifies the fusion of collective expertise, resources, and an unwavering commitment to drive financial inclusion, empowering millions throughout Africa.”
The initial phase of the collaboration will concentrate on pivotal markets, including Nigeria, Kenya, Ghana, and Tanzania. The collaboration is subject to commercial discussions and definitive agreements, internal corporate approvals of the respective parties and relevant legal and regulatory processes.
Remittance corridors
Sharing insights into the transformative potential of the collaboration, Mr Bolaji Agbede, Acting Group Chief Executive Officer of Access Holdings Plc, added: “This collaboration has the power to recalibrate the trajectory of financial services in Africa. By combining our strengths with those of Coronation Group, Safaricom and M-Pesa Africa, we will deliver on our promise of sustainably impacting our stakeholders, empowering individuals, and significantly contributing to the continent’s economic ascension.”
Sitoyo Lopokoiyit, MD – M-PESA Africa, said African countries trade more with nations outside the continent than within themselves. Initiatives such as the African Continental Free Trade Area (AfCFTA) seek to address the lack of intra-continental trade. “This partnership with Safaricom, Coronation Group and Access Holdings seeks to explore remittance corridors between East and West Africa bringing alive the AfCFTA spirit,” Mr Lopokoiyit said.
“We will be collaborating 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 such partnerships crucial in closing the gap,” said Mr Peter Ndegwa, CEO – Safaricom.
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