Major Collaboration Aims to Boost Remittances and Financial Inclusion Through MPESA

Great news for Africa! A transformative collaboration has emerged, aiming to broaden access to remittances across the continent. This powerful alliance brings together leading players: Coronation Group, Access Holdings Plc, Safaricom Plc, and M-PESA Africa.

What This Means for Africa

This collaboration is a game-changer for financial inclusion and economic prosperity in Africa. The alliance will focus on creating solutions for remittance corridors between East and West Africa, connecting some of the continent’s biggest economies.

Synergy of Strengths

The collaboration leverages the unique strengths of each party:

  • Access Holdings Plc: Offers a robust Pan-African banking infrastructure spanning 14 African countries.
  • Coronation Group: Provides a comprehensive array of technology-driven financial services in West Africa.
  • M-PESA Africa & Safaricom: M-PESA is Africa’s leading mobile money and digital payments service, boasting over 60 million customers and processing over $1 billion daily in transactions. Safaricom, Kenya’s leading telecommunications provider, has over 32 million M-PESA users every month.

Leaders Speak: A Shared Vision for Africa’s Future

Aigboje Aig-Imoukhuede, Chairman of both Access Holdings and Coronation Group, emphasizes the collaborative spirit: “This partnership signifies the fusion of collective expertise, resources, and an unwavering commitment to drive financial inclusion.”

Bolaji Agbede, Acting Group CEO of Access Holdings, highlights the transformative potential: “This collaboration has the power to recalibrate the trajectory of financial services in Africa.”

Unlocking Opportunities, Boosting Intra-African Trade

The collaboration aligns with the African Continental Free Trade Area (AfCFTA) goals by facilitating more trade within Africa. As Sitoyo Lopokoiyit, MD of M-PESA Africa, states: “This partnership seeks to explore remittance corridors between East and West Africa, bringing alive the AfCFTA spirit.”

Focus on Accessibility and Security

Peter Ndegwa, CEO of Safaricom, emphasizes the user-centric approach: “We will explore secure, convenient, and affordable remittance solutions.”

Peter Ndegwa on Remittances

The Road Ahead

The initial phase focuses on key markets like Nigeria, Kenya, Ghana, and Tanzania. Regulatory approvals and internal agreements are underway.

This collaboration is a beacon of hope for Africa’s economic future. By empowering individuals and fostering financial inclusion, this alliance has the potential to unlock a new era of prosperity for the continent.

Kachwanya.com171 Posts

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