ACCESS AND M-PESA TEAM UP TO DOMINATE EAST-WEST AFRICA REMITTANCE MARKET

Financial giants Access Holdings, Coronation Group, and Safaricom are teaming up to establish a dominant remittance corridor between East and West Africa.

This partnership aims to streamline money transfer services for millions of Africans, promoting financial inclusion across the continent.

Led by Aigboje Aig-Imoukhuede, Access Holdings plays a significant role in this endeavor. As Africa’s largest consumer bank, Access Bank serves over 60 million customers across 21 countries.

With the recent acquisition of National Bank of Kenya, Access Holdings is expanding its presence in East Africa.

This collaboration holds immense potential, given the substantial remittance flows within Africa. Nigeria and Kenya rank as the top remittance recipients in the region, attracting billions of dollars annually.

By pooling their expertise and resources, the partnership between these financial giants is poised to enhance remittance services significantly.

M-Pesa, Safaricom’s mobile money platform, plays a crucial role in this alliance. Dominating Kenya’s mobile money market, M-Pesa extends the partnership’s reach significantly.

Aligned with the goals of the African Continental Free Trade Area (AfCFTA), this collaboration aims to promote intra-African trade and economic integration.

The initial phase of the initiative will focus on major remittance corridors in Nigeria, Kenya, Ghana, and Tanzania. By simplifying cross-border money transfers, the collaboration seeks to empower millions of Africans and unlock new economic opportunities.

Source: Techeconomy