After Buying Another Bank, Access Signs New Deal To Boost Remittance In Africa
- Access Holdings, one of Nigeria's financial companies, has continued its push to increase its influence in Africa
- The latest move is a new agreement with Coronation Group, Safaricom, and Mpesa Africa to facilitate remittances in East and West Africa
- This comes a few days after inking a deal to buy Kenya National Bank, a move that is set to increase its presence in the East African region.
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Access Holdings, the parent company of Access Bank, has formed a partnership with the Coronation Group, Safaricom Plc, and M-PESA Africa to provide a remittance corridor between East and West Africa.
The partnership, which is still subject to approval from the Kenyan financial authorities, will see the financial institutions connect more than 60 million customers and five million businesses across 8 countries.
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M-Pesa currently dominates the mobile money market in Kenya with a 96.5% share of the market.
Access Holdings, which has a presence in 14 African countries, is the largest consumer banking institution.
Access is expected to provide technology-infused financial services and Coronation Group will bring its technology expertise to the deal.
Access speaks on the new deal
Commenting on the deal, Aigboje Aig-Imoukhuede, the non-executive chairman of Access Holdings, said the partnership will propel financial inclusion that could nurture economic prosperity for millions across the continent.
His words:
"We are on the verge of an incredible voyage, one that is set to redefine the financial terrain of Africa.
"This collaboration goes beyond mere alignment of skills; it represents the amalgamation of diverse expertise, resources, and a steadfast dedication to advancing financial inclusion, thereby empowering millions across Africa.
"Through joint innovation, a common vision, and unwavering resolve, we are ready to unleash unparalleled prospects, revolutionize livelihoods, and leave an enduring mark on Africa's course."
According to data from World Bank’s Migration and Development Brief, Nigeria and Kenya are the first and third largest recipients of diaspora remittances in sub-Saharan Africa.
Access Bank buys another bank
Earlier, Legit.ng reported that Access Bank signed an agreement to acquire the National Bank of Kenya from KCB Group Plc.
The branches of KCB are now expected to be renamed Access Bank after all approvals have been received, which will give customers more options.
Access Bank remains one of Nigeria's biggest banks, with operations in at least 20 African countries and outside the continent.
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Source: Legit.ng
