A strategic alliance has been formed among Coronation Group, Access Holdings Plc, Safaricom Plc, and M-PESA Africa, with the aim of expanding remittance access across Africa to enhance financial inclusion continent-wide. The parties are focused on devising solutions to establish a remittance corridor linking East and West Africa, connecting some of Africa's largest economies.
This collaboration will integrate Access Holdings’ extensive Pan-African banking infrastructure across 14 countries with Coronation Group’s technology-driven financial services in West Africa, alongside M-PESA and Safaricom.
M-PESA, the foremost mobile money and digital payments service in Africa, serves over 60 million customers and 5 million businesses across 8 countries, processing more than $1 billion in transactions daily. Safaricom, a leading telecommunications, ICT, and financial services provider in Kenya, boasts over 32 million customers utilizing M-PESA services monthly.
Aigboje Aig-Imoukhuede, Chairman of Access Holdings and Coronation Group, highlighted the collaborative ethos underpinning this partnership, emphasizing its potential to shape Africa's financial landscape and drive empowerment throughout the continent. The initial phase of this collaboration will target key markets such as Nigeria, Kenya, Ghana, and Tanzania, contingent upon commercial negotiations, definitive agreements, internal approvals, and regulatory processes.
Bolaji Agbede, Acting Group CEO of Access Holdings Plc, emphasized the transformative power of this collaboration, asserting its ability to impact stakeholders sustainably and contribute significantly to Africa's economic growth.
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.
