A groundbreaking partnership to enhance remittance access in Africa has been established by Coronation Group, Access Holdings Plc, Safaricom Plc, and M-PESA Africa. This strategic alliance is dedicated to driving financial inclusion and fostering economic prosperity across the continent. The collaboration aims to create a remittance corridor between East and West Africa, linking some of Africa’s largest economies.”
This partnership will combine Access Holdings’ extensive Pan-African banking network across 14 countries with Coronation Group’s technology-driven financial services in West Africa, along with M-PESA and Safaricom. M-PESA, Africa’s premier mobile money and digital payments service, serves over 60 million customers and 5 million businesses across 8 countries, processing over $1 billion in transactions daily. Safaricom, Kenya’s Kenya’s leading provider of telecommunications, ICT, and financial services, sees more than 32 million customers use M-PESA services monthly.”
Aigboje Aig-Imoukhuede, Chairman of Access Holdings and Coronation Group, highlighted the empowerment ethos underpinning this collaboration. “We are embarking on an extraordinary journey that will shape Africa’s financial landscape. This partnership represents more than a merging of capabilities; it signifies the blending of collective expertise, resources, and a strong commitment to drive financial inclusion, empowering millions across Africa. Through collaborative innovation, shared vision, and unwavering determination, we are poised to unlock unprecedented opportunities, transform lives, and leave a lasting impact on Africa’s future,” Aig-Imoukhuede remarked.
African countries conduct more trade with nations outside the continent than among themselves. Initiatives like the African Continental Free Trade Area (AfCFTA) aim to boost intra-continental trade. This partnership involving Safaricom, Coronation Group, and Access Holdings aims to establish remittance corridors between East and West Africa, aligning with the AfCFTA’s objectives,” stated Sitoyo Lopokoiyit, MD of M-PESA Africa. “We will collaborate with M-PESA Africa, Coronation Group, and Access Holdings to explore secure, convenient, and affordable remittance solutions, linking our customers to opportunities in West Africa. Africa remains underserved in intra-continental remittances, making such partnerships crucial for bridging the gap,” added Peter Ndegwa, CEO of Safaricom.
