Safaricom, M-PESA Africa, Access Holdings and Coronation Group have announced a collaboration dedicated to propelling financial inclusion in Africa.
The partnership aims to explore solutions that will provide a remittance corridor between East and West Africa, connecting some of the continent’s largest economies.
The initial phase of the collaboration will focus on pivotal markets, including Kenya, Nigeria, Ghana, and Tanzania. The collaboration is subject to commercial discussions and definitive agreements, internal corporate approvals of the respective parties and relevant legal and regulatory processes.
Sharing insights into the transformative potential of the collaboration, Sitoyo Lopokoiyit, Managing Director M-PESA Africa noted, “African countries trade more with nations outside the continent than within themselves. Initiatives such as the African Continental Free Trade Area (AfCFTA) seek to address the lack of intra-continental trade. This partnership with Safaricom, Coronation Group and Access Holdings seeks to explore remittance corridors between East and West Africa bringing alive the AfCFTA spirit.”
Aigboje Aig-Imoukhuede, Chairman of Access Holdings and Coronation Group, emphasised the power of empowerment that forms the foundation of this collaboration 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.”
On his part, Peter Ndegwa, CEO Safaricom commented, “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.”