Dipo Olowookere
By Modupe Gbadeyanka
A partnership tailored to explore the multi-billion dollar remittances sector in Africa has been entered into by Coronation Group, Access Holdings Plc, Safaricom and M-PESA Africa.
These entities believe that the collaboration will also propel financial inclusion and nurture economic prosperity for millions across the continent.
They intend to explore solutions that will provide a remittance corridor between East and West Africa, connecting some of the continent’s largest economies.
“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,” the Chairman of Access Holdings and Coronation Group, Mr Aigboje Aig-Imoukhuede, said.
On his part, the Managing Director of M-PESA, Mr Sitoyo Lopokoiyit, 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.”
Also commenting, the chief executive 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.”
Business Post reports that 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.
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.
