Coronation Group, Access Holdings, Safaricom, and M-PESA Africa have formed a new financial alliance.
This collaboration aims to expand remittance access across Africa and drive financial inclusion by creating solutions that empower individuals and businesses across the continent.
In addition, the initiative supports the African Continental Free Trade Area (AfCFTA) by fostering more intra-African trade.
The collaboration will see the convergence of Access Holdings’ robust Pan-African banking infrastructure, spanning 14 African countries, with Coronation Group’s comprehensive array of technology-infused financial services offerings in West Africa, coupled with M-PESA and Safaricom.
M-PESA is the continent’s leading mobile money and digital payments service, connecting more than 60 million customers and 5 million businesses across eight countries and processing more than $1 billion in daily transactions.
Safaricom is Kenya’s leading telecommunications, ICT, and financial services provider, with more than 32 million customers using M-PESA services monthly.
The collaboration will first target key markets like Nigeria, Kenya, Ghana, and Tanzania.
“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,” said Sitoyo Lopokoiyit, MD, M-PESA Africa.
The collaboration is subject to commercial discussions and definitive agreements, internal corporate approvals of the respective parties and relevant legal and regulatory processes.
