Access Holdings and Coronation Group in Partnership with M-Pesa to Provide Regional Remittance in Africa

The recent partnership between the leading Nigerian financial giant, Access Holdings, and Coronation Merchant Bank, a key investment and corporate banking group, and Safaricom’s M-Pesa, the continent’s largest mobile money platform, marks a milestone in cross-border transactions across Africa.

This new alliance is targeting the long-standing problem of regional remittances within Africa and an all-inclusive and more efficient financial system.

Aigboje Aig-Imoukhuede, who is at the forefront of Access Holdings, leads this initiative with a clear goal to dominate the East and West African remittance markets.

With the recent acquisition of the entire issued share capital of the National Bank of Kenya (NBK), their presence in East Africa has been solidified, making them a major player in the regional financial landscape.

This partnership transcends the individual companies. It indicates a strong alignment between the traditional financial institutions and the top mobile money platform.

“African countries trade more with nations outside the continent than within themselves,” Sitoyo Lopokoyit, the Managing Director of M-Pesa Africa, observes. “Initiatives like the African Continental Free Trade Area (AfCFTA) aim to close this gap. This partnership with Safaricom, Coronation Group and Access Holdings is in line with the objectives of AfCFTA by opening up efficient remittance corridors between East and West Africa.”

Also Read – Access Bank Sells 8% of its Botswana Branch

The Power of Collaboration: The New Frontier of Remittances

The process of sending and receiving money across African borders has been a time consuming and often costly affair.

People have had to use informal channels or high fee money transfer operators.

The partnership aims at eliminating these barriers by combining the resources and skills of both parties involved.

Access Holdings and Coronation Group, with their strong financial networks and expertise in cross-border transactions, are the resource partners.

M-Pesa, having a huge user base and a well-developed mobile money infrastructure, becomes the platform for the convenient sending and receiving of funds.

With this alliance it is possible to smooth out the remittance process by making it quicker, cheaper and more secure for millions of Africans.

The First Phase: A Focus on Key Markets

The first phase of this partnership will target the most prominent remittance corridors in East and West African regions.

Countries like Nigeria, Kenya, Ghana, and Tanzania will be the first to benefit from the streamlined remittance system.

This strategic selection guarantees maximum impact by concentrating on high volume areas with a lot of cross-border transactions.

As the partnership moves forward, the plan is to gradually broaden to cover the entire African continent.

Also Read – Access Bank Set to Acquire Kenya’s National Bank

Beyond Remittances: Building a Financial Bridge

This partnership’s long-term vision goes beyond just remittances.

It lays the foundation for a more integrated African financial landscape.

By promoting hassle-free cross-border transactions, this collaboration can promote regional trade and investment.

In addition, it can help people and businesses play a more active role in the expanding African economy.

This alliance among Access Holdings, Coronation Group, and M-Pesa marks an important development in financial inclusion for millions of Africans.

With the combined strengths being leveraged, they can be the ones to change the remittance scene in the region, thus creating a more connected and prosperous Africa.

The impact of this initiative will be closely watched as it may spark off similar partnerships across the continent and finally establish a strong and united African financial system.

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