A transformative collaboration aimed at broadening access to remittances across Africa has been forged among Coronation Group, Access Holdings Plc, Safaricom Plc and M-PESA Africa (the parties) as the parties come together in a strategic alliance dedicated to propelling financial inclusion and nurturing economic prosperity for millions across the continent.
The parties aim to explore solutions that will provide a remittance corridor between East and West Africa, connecting some of the continent’s largest economies.
The collaboration will see the convergence of Access Holdings’ robust Pan-African banking infrastructure, spanning 14 African countries, with Coronation Group’s comprehensive array of technology-infused financial services offerings in West Africa, coupled with M-PESA and Safaricom. M-PESA is the continent’s leading mobile money and digital payments service, connecting more than 60 million customers and 5 million businesses across 8 countries and processing more than $1 billion a day in transaction value. Safaricom is Kenya’s leading telecommunications, ICT and financial services provider with more than 32 million of its customers using M-PESA services every month.
Aigboje Aig-Imoukhuede, Chairman of Access Holdings and Coronation Group, emphasised the ethos of empowerment that forms the foundation of this collaboration. “We stand at the threshold of an extraordinary journey, one poised to shape the financial landscape of Africa. This partnership encompasses more than a convergence of capabilities; it signifies the fusion of collective expertise, resources, and an unwavering commitment to drive financial inclusion, empowering millions throughout Africa. Through collaborative innovation, shared vision, and resolute determination, we are primed to unlock unprecedented opportunities, transform lives, and make an indelible imprint on Africa’s trajectory,” Mr. Aig-Imoukhuede added.
Sharing insights into the transformative potential of the collaboration, Bolaji Agbede, Acting Group Chief Executive Officer of Access Holdings Plc, affirmed, “Our conviction remains steadfast – this collaboration has the power to recalibrate the trajectory of financial services in Africa. By combining our strengths with those of Coronation Group, Safaricom and M-Pesa Africa, we will deliver on our promise of sustainably impacting our stakeholders, empowering individuals, and significantly contributing to the continent’s economic ascension.”
“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. This partnership with Safaricom, Coronation Group and Access Holdings seeks to explore remittance corridors between East and West Africa bringing alive the AfCFTA spirit,” said Sitoyo Lopokoiyit, MD – M-PESA Africa.
“We will be collaborating with M-PESA Africa, Coronation Group and Access Holdings to explore secure, convenient, and affordable remittance solutions that will connect our customers to opportunities in West Africa. Africa remains an underserved region especially for remittances within the continent making such partnerships crucial in closing the gap,” said Peter Ndegwa, CEO – Safaricom.
The initial phase of the collaboration will concentrate on pivotal markets, including Nigeria, Kenya, Ghana, and Tanzania.
The collaboration is subject to commercial discussions and definitive agreements, internal corporate approvals of the respective parties and relevant legal and regulatory processes. The partners remain steadfast in their adherence to regulatory frameworks and their dedication to establishing an enabling environment that empowers individuals and enterprises alike, fostering significant contributions to Africa’s economic advancement.
ABOUT THE PARTNERING ENTITIES
Access Holdings Plc
Access Holdings Plc is a leading multinational financial services group that offers commercial banking, lending, payment, insurance, and asset management services. Headquartered in Lagos, Nigeria, Access Holdings operates through a network of more than 700 branches and service outlets, spanning three continents, 21 countries, and over 60 million customers.
Access transitioned into a holding company to drive rapid growth and become a full-scale ecosystem player offering interconnected services across customer needs. Established in 2022, Access Holdings Plc consists of the Access Bank Group; Access Pensions; a Payment and Switching Services Company; a Digital Lending Company, and an Insurance Brokerage Company. The banking vertical serves its various markets through four business segments: Retail, Business, Commercial and Corporate, and has enjoyed what is arguably Africa’s most successful banking growth trajectory in the last eighteen years, becoming one of Africa’s largest retail banks by customer base and Sub-Saharan Africa’s largest bank by total assets.
Access Holdings strives to deliver sustainable economic growth that is profitable, environmentally responsible, and socially relevant, helping customers to access more and achieve their dreams. For more information about Access Holdings and its subsidiaries, please visit www.theaccesscorporation.com.
Coronation Group
Coronation Group Limited is a leading African Financial Markets Holding Company headquartered in Lagos Nigeria. As the holding company, it provides strategic oversight to a diverse portfolio of companies operating in the Financial Services, Technology, and Energy sectors across the continent. Coronation Group’s Financial Services companies offer a comprehensive range of investment, lending, and assurance solutions tailored to address the unique needs of its clients. The Group holds non-operating investments in energy, technology, and consumer businesses, diversifying its presence in key sectors.
Coronation Group’s vision extends beyond the present, continuously evolving to meet the changing needs of its customers. For more information about Coronation Group and its subsidiaries, please visit www.coronation.ng.
About M-PESA Africa
M-PESA Africa was established in 2020 as a joint venture between Safaricom and Vodacom Group to accelerate platform development, synchronise product roadmaps, and enhance M-PESA operational capabilities into a single, fully converged Centre of Excellence.
Launched in 2007, M-PESA is Africa’s largest fintech providing financial services to more than 60 million customers every month. The service empowers customers to transact- send and receive money, make payments, as well as save and access credit all from the convenience of a mobile phone.
M-PESA provides Africa’s leading Super App that enables any business to offer their products and services through an embedded “mini-app”. More than 5 million customers use the M-PESA Super App every month with more than 40 businesses providing embedded mini-apps.
By empowering tens of millions of customers to access formal financial services for the first time, M-PESA has contributed to a more than a three-fold growth in formal financial inclusion across Africa. It has equally transformed the standard of living in rural areas and empowered women with access and control over their finances.
Socioeconomically, M-PESA has provided a lifeline for millions of people facilitating direct disbursements from governments and non-government organisations to refugees, patients accessing health care, economically vulnerable persons amongst other groups.
M-PESA is available in Kenya, Tanzania, Mozambique, the Democratic Republic of Congo, Lesotho, Ethiopia, Ghana and Egypt. It provides customers with access to the widest agent network across the continent at more than 600,000 agent outlets and to cashless payments at more than 950,000 businesses.
For more information about M-PESA, please visit www.m-pesa.africa
About Safaricom
Safaricom is the leading telecommunication company in East Africa. Our purpose is to transform lives by connecting people to people, people to opportunities and people to information. We keep over 45 million customers connected and play a critical role in the society, supporting over one million jobs both directly and indirectly while our total economic value was estimated at KES 393 billion ($ 3.1 billion) for the 12 months through March 2022.
Listed on the Nairobi Securities Exchange and with annual revenues of close to KES 310.9 billion ($2.3 billion) as of March 2023. Safaricom provides connectivity through wide range of technology, 2G, 3G, 4G and 5G in aggregate covering over 99% of Kenya’s population.
Safaricom, together with Vodacom, runs the world’s largest mobile payment system and Africa’s largest Fintech, M-PESA, the world’s first mobile money transfer system. By empowering over 30 million customers in Kenya and Ethiopia, to transact, save or borrow money through their mobile phone, M-PESA has driven financial inclusion in Kenya to 83.7% in 2021 of the adult population from a low of 26.7% in 2006 and generated over KES 117.2 Billion ($886 million) in revenue as at FY23.
Safaricom’s subsidiary, Safaricom Telecommunications Ethiopia has deployed a world class network and services and has rolled out mobile money services in 2023, to contribute to Ethiopia’s digital transformation.
Safaricom is an equal opportunity employer, actively recruiting staff from different backgrounds reflecting the communities that we serve. Safaricom is committed to equal gender representation at all levels. Its target is to achieve 50:50 senior management gender parity by 2025.
As part of Safaricom’s ongoing commitment to the Sustainable Development Goals (SDGs), we continue to work towards improving energy and resource efficiency in our network and facilities to reduce carbon emissions and our fuel consumption. We remain committed to becoming a Net Zero carbon-emitting company by 2050.
