Kenya's renowned fintech powerhouse, M-Pesa, has recently unveiled an ambitious partnership with Nigeria's Access Holding, Coronation Group, and Safaricom aimed at pioneering innovative remittance solutions bridging East and West Africa
In a formal statement released via M-Pesa's official channels, the collaboration underscores the strategic significance of Access Holding's expansive pan-African network spanning across 14 countries and the comprehensive financial services portfolio offered by Coronation Group, all of which are poised to underpin the partnership's success.
The focal point of this alliance revolves around key markets such as Nigeria, Ghana, Kenya, and Tanzania, serving as pivotal entry points for the initiative. This strategic move reflects Access Holding's relentless pursuit of extending its influence across significant economies and regions within the African continent.
In a recent development, the financial juggernaut announced its intent to acquire the entire share capital of the National Bank of Kenya from KCB through its flagship subsidiary, Access Bank. This move echoes the group's track record of leveraging mergers and acquisitions to bolster its suite of financial offerings effectively.
Building upon its resounding success in Kenya and the broader East African region, M-Pesa sets its sights on establishing a formidable presence within Nigeria, Africa's largest economy, and the wider West African region, where it aims to carve out a distinct niche and overcome previous challenges.
"This partnership with Safaricom, Coronation Group and Access Holdings seeks to explore remittance corridors between East and West Africa bringing alive the AfCFTA spirit," remarked M-Pesa managing director, Sitoyo Lopokoiyit.
"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," Safaricom CEO Peter Ndegwa said.
