Kenya’s Fintech company, M-Pesa has announced a partnership with Nigeria’s Access Holding, Coronation Group and Safaricom to explore remittances solutions between East and West Africa.
This was disclosed in a statement on the M-Pesa’s official X handle where it stated 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.
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It stated, “We are excited to announce a groundbreaking partnership between Access Holdings, Coronation Group, Safaricom and M-PESA Africa that seeks to explore remittance solutions between West and East Africa.”
- “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.”
- “In its initial phase, the partnership will concentrate on pivotal markets, including Nigeria, Kenya, Ghana, and Tanzania.”
What you should know
The new partnership further signifies Access Holding’s drive to have its footprints across major economies and regions in the continent.
Last week, the financial services behemoth announced the agreement to acquire the entire share capital National Bank of Kenya from KCB through its leading subsidiary, Access Bank. Over time, the group has built a reputation for successfully utilizing mergers and acquisitions to expand its service offerings.
Following its success in Kenya and East Africa, M-Pesa will be looking to establish a foothold in Africa’s biggest economy- Nigeria and the West African region in general where it has struggled to make a mark.