Coronation Group, Access Holdings Plc, Safaricom and M-PESA Africa Partner to Explore Remittances

In a landmark collaboration aimed at enhancing access to remittances throughout Africa, Coronation Group, Access Holdings Plc, Safaricom Plc, and M-PESA Africa have joined forces to create a strategic alliance dedicated to fostering financial inclusion and economic prosperity across the continent.

The partnership seeks to explore solutions that will establish a remittance corridor between East and West Africa, bridging some of the continent’s largest economies and facilitating seamless financial transactions.

At the heart of this collaboration is the convergence of Access Holdings’ extensive Pan-African banking infrastructure, spanning 14 countries, with Coronation Group’s comprehensive suite of technology-driven financial services in West Africa. This formidable combination is further strengthened by the inclusion of M-PESA, Africa’s leading mobile money and digital payments service, and Safaricom, Kenya’s foremost telecommunications and financial services provider.

Aigboje Aig-Imoukhuede, Chairman of Access Holdings and Coronation Group, underscored the transformative potential of the alliance, stating, “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.”

Bolaji Agbede, Acting Group Chief Executive Officer of Access Holdings Plc, echoed this sentiment, emphasizing, “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.”

Sitoyo Lopokoiyit, Managing Director of M-PESA Africa, highlighted the alignment of the partnership with initiatives such as the African Continental Free Trade Area (AfCFTA), stating, “African countries trade more with nations outside the continent than within themselves. This partnership seeks to explore remittance corridors between East and West Africa, bringing alive the AfCFTA spirit.”

Peter Ndegwa, CEO of Safaricom, emphasized the importance of the collaboration in addressing the underserved nature of remittances within Africa, stating, “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.”

The initial phase of the collaboration will focus on key markets, including Nigeria, Kenya, Ghana, and Tanzania. However, the partners remain committed to adhering to regulatory frameworks and establishing an enabling environment that empowers individuals and enterprises alike, fostering significant contributions to Africa’s economic advancement.

While the collaboration is subject to commercial discussions, definitive agreements, and regulatory processes, the partners are united in their vision to drive meaningful change and create lasting impact across Africa’s financial landscape. Through collaborative innovation and shared commitment, they aim to unlock unprecedented opportunities, transform lives, and propel the continent towards a brighter future of prosperity and inclusion.