Coronation Group, Access Holdings, Safaricom, M-PESA Africa Partner on Remittances in Africa
The Coronation Group, Access Holdings Plc, Safaricom Plc and M-PESA Africa (the parties) have forged a strategic alliance that would broaden access to remittances across Africa and propel financial inclusion that could nurture economic prosperity for millions across the continent.
The collaboration would explore solutions that could provide a remittance corridor between East and West Africa and connects some of the continent's largest economies.
According to a statement yesterday, the collaboration would see the convergence of Access Holdings' robust Pan-African banking infrastructure, spanning 14 African countries; Coronation Group's comprehensive array of technology-infused financial services offerings in West Africa; M-PESA mobile money and digital payments service that connects more than 60 million customers and processes more than $1 billion a day in transaction value and Safaricom's ICT and financial services provider to deliver superb services to clients.
Commenting on the collaboration, the Chairman of Access Holdings and Coronation Group, Mr. Aigboje Aig-Imoukhuede, highlighted the ethos of empowerment that formed the foundation of this collaboration.
Aig-Imoukhuede said: “We stand at the threshold of an extraordinary journey, one poised to shape the financial landscape of Africa.
“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.
“Through collaborative innovation, shared vision, and resolute determination, we are primed to unlock unprecedented opportunities, transform lives, and make an indelible imprint on Africa's trajectory.”
Speaking in the same vein, Acting Group Chief Executive Officer of Access Holdings Plc, Mr. Bolaji Agbede, affirmed that the collaboration has the power to recalibrate the trajectory of financial services in Africa.
Agbede said: “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.”
According to the Managing Director of M-PESA Africa, Mr. Sitoyo Lopokoiyit, African countries trade more with nations outside the continent than within themselves but initiatives such as the African Continental Free Trade Area (AfCFTA) would seek to address the lack of intra-continental trade.
Therefore, “this partnership with Safaricom, Coronation Group and Access Holdings seeks to explore remittance corridors between East and West Africa bringing alive the AfCFTA spirit,” Lopokoiyit said.
In his comment, the Chief Executive Officer of Safaricom, Mr. Peter Ndegwa, 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.”
The statement noted that the initial phase of the collaboration would concentrate on pivotal markets such as Nigeria, Kenya, Ghana, and Tanzania.
It added that the collaboration was subject to commercial discussions and definitive agreements, internal corporate approvals of the respective parties and relevant legal and regulatory processes.