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East-West Africa Remittances Corridor Opens With New Partnership

M-Pesa Africa, Safaricom, Coronation Group, and Access Holdings PLC unite to create a seamless East-West Africa remittance corridor, driving accessibility and affordability.

In a groundbreaking move poised to redefine the landscape of financial transactions across Africa, M-Pesa Africa, Safaricom, Coronation Group, and Access Holdings PLC have come together in a strategic alliance aimed at enhancing access to remittances throughout the continent. This collaboration marks a significant step toward fostering financial inclusion and propelling economic prosperity for millions across Africa, with a focus on creating a seamless remittances corridor between East and West Africa to connect some of the continent’s largest economies.

At the heart of this alliance is the convergence of a diverse array of strengths and capabilities from each partnering entity. Access Holdings PLC, with its expansive Pan-African banking infrastructure across 14 African countries, brings to the table a robust foundation for financial transactions throughout the continent. Coupled with this is the comprehensive array of technology-infused financial services offerings from Coronation Group in West Africa, ensuring that innovative financial solutions are at the forefront of this collaboration.

M-PESA, renowned as the continent’s leading mobile money and digital payments service, connects more than 60 million customers and 5 million businesses across 8 countries, processing over $1 billion in transactions daily. Safaricom, Kenya’s leading telecommunications, ICT, and financial services provider, further strengthens this partnership with its vast customer base of over 32 million monthly users of M-PESA services. This collaboration represents not just a merging of services but a unification of visions aimed at overcoming the financial barriers faced by countless Africans.

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Aigboje Aig-Imoukhuede, Chairman of Access Holdings and Coronation Group, articulates the transformative vision of this partnership, viewing it as a pivotal journey set to reshape Africa’s financial ecosystem. He emphasizes the partnership’s foundational ethos of empowerment, highlighting the combined expertise, resources, and commitment of the parties involved in driving financial inclusion across the continent.

Bolaji Agbede, Acting Group Chief Executive Officer of Access Holdings Plc, and Sitoyo Lopokoiyit, MD – M-PESA Africa, both echo the sentiment of impactful change and the significant potential of this collaboration to recalibrate the trajectory of financial services in Africa. They underscore the synergy between the parties’ strengths and the shared goal of significantly contributing to the continent’s economic upliftment.

Peter Ndegwa, CEO of Safaricom, points out the critical need for such partnerships in addressing the gap in remittances services within Africa, emphasising the importance of secure, convenient, and affordable solutions for connecting customers to opportunities in West Africa.

The partnership will initially focus on key markets including Nigeria, Kenya, Ghana, and Tanzania, subject to commercial discussions, internal approvals, and regulatory processes. This collaborative effort underscores a steadfast commitment to adhering to regulatory frameworks and fostering an environment conducive to economic advancement.

The collaborating entities each bring a unique set of strengths to this partnership. Access Holdings Plc is a multinational financial services conglomerate offering a wide range of services across banking, insurance, and asset management, with a vast network spanning three continents and 21 countries. Coronation Group, headquartered in Lagos, Nigeria, oversees a portfolio of companies in financial services, technology, and energy sectors, aiming to meet the evolving needs of its customers with innovative solutions. M-PESA Africa, a joint venture between Safaricom and Vodacom Group, stands as Africa’s largest fintech, transforming financial inclusion through mobile money services. Safaricom, with its leading role in telecommunications and financial services in East Africa, continues to impact lives by connecting people to opportunities and driving financial inclusion to new heights.

This strategic alliance among M-Pesa Africa, Safaricom, Coronation Group, and Access Holdings PLC not only symbolises a significant leap toward financial empowerment for millions but also embodies a collective aspiration to weave a fabric of economic prosperity across Africa, marking a new chapter in the continent’s financial services narrative.

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