After buying another bank, Access signs new deal to boost remittance in Africa

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.

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 the World Bank’s Migration and Development Brief, Nigeria and Kenya are the first and third largest recipients of diaspora remittances in sub-Saharan Africa.