Access Holdings collaborates with Safaricom and M-Pesa to help bridge East and West African remittances. The conglomerate, Access Holdings, a Nigerian financial company, has teamed up with Coronation Group, Safaricom, and Mpesa Africa to streamline remittances in both East and West Africa.
Access Holdings Collaborates With Safaricom and M-Pesa
As a result of the partnership, Access Holdings, along with Coronation Group, Safaricom, and Mpesa Africa, aims to improve remittance services in East and West Africa. They intend to address the challenges faced by clients when sending funds domestically and internationally by leveraging their collective expertise and resources.
This collaboration comes at a time when Africa sees significant remittance flows, with Nigeria and Kenya being major recipients in their respective regions. In 2023, remittances to Nigeria alone accounted for 38% of the $58 billion remittance flows to Africa.
What This Partnership Signifies
Following the passing of Access Holdings Plc co-founder Herbert Wigwe in February 2024, Bolaji Agbede was appointed as Acting Group CEO. The partnership signifies more than just a convergence of capabilities; it represents a fusion of collective expertise and resources dedicated to driving financial inclusion and empowering millions throughout Africa.
African Continental Free Trade Area
The initiative aligns with the goals of the African Continental Free Trade Area (AfCFTA) to promote intra-African trade and economic integration. Initially, the focus will be on remittance corridors in Nigeria, Kenya, Ghana, and Tanzania, with the aim of streamlining cross-border money transfers to empower millions of Africans and create economic opportunities.
Access Holdings Actively Expanding Its Footprint
Access Holdings has been actively expanding its footprint. In March 2024, the company announced plans to acquire the National Bank of Kenya (NBK) from KCB Group for about KSh13.2 billion ($99.6 million). Additionally, in January 2024, its subsidiary, Access Bank, agreed to acquire a majority stake in Finance Trust Bank in Uganda.
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