M-PESA, the leading Kenyan mobile money service, has announced a partnership with Nigeria’s Access Holding, Coronation Group, and Safaricom to explore remittance solutions between East and West Africa.
In a statement, M-PESA said that Access Holding’s pan-African network across 14 African countries and Coronation Group’s financial service offerings will be crucial for the success of the partnership.
According to the statement, the partnership plans to focus on crucial markets like Nigeria, Ghana, Kenya, and Tanzania as a starting point.
“The partnership brings together Access Holdings Pan-African banking network across 14 countries and Coronation’s financial service offerings across West Africa.
It will also include Africa’s largest fintech providing mobile money and digital financial services for more than 60 million customers and 5 million businesses across 8 countries.”
The new partnership underscores Access Holding’s commitment to expanding its presence across significant economies and regions in the continent. Just last week, the financial services giant revealed its agreement to acquire the entire share capital of the National Bank of Kenya from KCB through its primary subsidiary, Access Bank.
Nigerian bank, Access Bank is set to acquire the National Bank of Kenya for $99.6 million.
Access Bank is Africa's largest bank by customer base. It had assets worth $28.8 billion as at 2022.
The bank acquired 83.4% of Kenyan bank, Sidian Bank for $36.8 million in 2022. They… pic.twitter.com/Fmtqh535Q5
— Africa Facts Zone (@AfricaFactsZone) March 23, 2024
After achieving success in Kenya and East Africa, M-PESA is now aiming to establish a presence in Nigeria, Africa’s largest economy, as well as the broader West African region where it has encountered challenges in gaining traction.
The service, which is in the process of being spun off from parent, Safaricom, is already making progress in Ethiopia where it gained 3.1 million customers in less than 6 months of operations.
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MILESTONE | Safaricom M-PESA Customers in Ethiopia Cross 3 Million as Data Usage Surpasses Kenya in Just 6 Months 🇪🇹The Kenyan telco launched commercial operations in Ethiopia in October 2022, and according to CEO, Peter Ndegwa, the company has covered 33% of the population… pic.twitter.com/JeQVa0d5RD
— BitKE (@BitcoinKE) February 15, 2024
“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,” said Sitoyo Lopokoyit, managing director, M-PESA Africa.
“This partnership with Safaricom, Coronation Group and Access Holdings seeks to explore remittance corridors between East and West Africa, bringing alive the AfCFTA spirit.”
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