Four leading companies – Coronation Group, Access Holdings Plc, Safaricom, and M-PESA Africa – have forged a strategic alliance to explore remittance solutions between East and West Africa.
The collaboration brings together Access Holdings’ robust banking infrastructure spanning 14 African countries, Coronation Group’s technology-driven financial services offerings in West Africa, and the formidable mobile money and digital payments prowess of M-PESA and Safaricom.
“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,” said Aigboje Aig-Imoukhuede, Chairman of Access Holdings and Coronation Group.
The initial phase will focus on pivotal markets like Nigeria, Kenya, Ghana, and Tanzania, aiming to provide a secure and affordable remittance corridor connecting some of Africa’s largest economies.
Bolaji Agbede, Acting Group Chief Executive Officer of Access Holdings Plc, affirmed the collaboration’s transformative potential, stating, “We will deliver on our promise of sustainably impacting our stakeholders, empowering individuals, and significantly contributing to the continent’s economic ascension.”
Highlighting the partnership’s alignment with the African Continental Free Trade Area’s goals, Sitoyo Lopokoiyit, Managing Director of M-PESA Africa, said, “This partnership seeks to explore remittance corridors between East and West Africa, bringing alive the AfCFTA spirit.”
Peter Ndegwa, CEO of Safaricom, echoed the sentiment, emphasizing the importance of such partnerships in addressing the remittance gap within Africa, an underserved region for intra-continental transfers.
The move comes as a significant step towards bolstering financial inclusion and economic prosperity across the continent. By leveraging their collective strengths, the parties aim to provide Africans with more accessible and affordable remittance options, facilitating the movement of funds and fostering economic growth.
Experts have lauded the initiative as a positive development for Africa’s financial landscape, potentially unlocking new opportunities for individuals and businesses while promoting regional integration and trade.
However, the collaboration is subject to commercial discussions, definitive agreements, internal approvals, and relevant legal and regulatory processes. The partners have reiterated their commitment to adhering to regulatory frameworks and establishing an enabling environment that empowers individuals and enterprises.
