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Monday, April 15, 2024

Access Holdings Coronation, Group Ink Deal With M-Pesa To Tackle Regional Remittance

Access Holdings, led by Aigboje Aig-Imoukhuede, is teaming up with Coronation Group to tap into the remittance market across East and West Africa. Their goal? To make sending money between these regions smoother.

They’ve recently made a big move in East Africa by acquiring the National Bank of Kenya Limited. Aig-Imoukhuede sees this partnership as more than just a business deal. It’s about combining their strengths to promote financial inclusion and empower people across Africa.

Nigeria and Kenya are top destinations for remittances in sub-Saharan Africa. In 2023 alone, Nigeria received 38% of the total remittance flows to the region. With Access Bank’s massive customer base and presence in 21 countries, they’re poised to make a significant impact in the remittance business.

Pending approval from Kenyan authorities, this collaboration aims to connect over 60 million customers and 5 million businesses across 8 countries, processing more than $1 billion in transactions daily. M-Pesa, Safaricom’s mobile money platform, plays a crucial role in this partnership, dominating Kenya’s mobile money market.

The plan is to focus initially on key markets in East and West Africa like Nigeria, Kenya, Ghana, and Tanzania. This move aligns with broader initiatives like the African Continental Free Trade Area, aiming to boost trade within the continent. Overall, it’s about making financial services more accessible and efficient for everyone involved.

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