Financial giants Access Holdings, Coronation Group, and Safaricom are joining forces to create a dominant remittance corridor between East and West Africa.
This collaboration aims to streamline money transfer services for millions of Africans, facilitating financial inclusion across the continent.
Access Holdings, led by Aigboje Aig-Imoukhuede, is a major player in this initiative. As Africa’s largest consumer bank, Access Bank has over 60 million customers in 21 countries.
Through the recent acquisition of National Bank of Kenya, Access Holdings is further strengthening its presence in East Africa.
This partnership holds huge potential, considering the expansive remittance flows within Africa. Nigeria and Kenya are the region’s top remittance recipients, attracting billions of dollars annually.
The collaboration between these financial giants is projected to enhance remittance services by leveraging their combined expertise and resources.
M-Pesa, Safaricom’s mobile money platform, is an important player in this alliance. M-Pesa dominates Kenya’s mobile money market, and with its inclusion, the partnership gains a powerful reach.
This collaboration also is also in line with the African Continental Free Trade Area’s (AfCFTA) goals of promoting intra-African trade and economic integration.
The initial phase of this initiative will target major remittance corridors in Nigeria, Kenya, Ghana, and Tanzania. In simplifying money transfers across borders, the collaboration is expected to empower millions of Africans and unlock new economic opportunities.
Author
