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The deal will extend E-SL’s payment service offering, enabling the company attain its goal to expand its footprint across Africa
Nigeria-based fintech group, E-Settlement (E-SL), has acquired QuickCash, an e-payment and money transfer company based in Côte d’Ivoire.
With this, E-Settlement seeks to expand across West African countries including Côte d’Ivoire, Burkina Faso, Niger, Togo, and other Francophone West African markets.
The deal will extend E-SL’s payment service offering, enabling the company attain its goal to expand its footprint across Africa, and increase its agent banking network to 200,000 agents by the end of 2022.
QuickCash, which will now operate as a wholly-owned subsidiary, leverages innovative solutions to provide financial, agricultural, and educational digital services. The company focuses on extending its products and financial services to underserved populations, particularly, those with limited access to electricity or mobile phone connectivity.
Olaoluwa Awojoodu, CEO, E-Settlement, said QuickCash is deepening access for agricultural-dominated areas, rural populations, the underbanked and unbanked — the disproportionately financially excluded.
“We are very excited to join forces with a game-changing provider that aligns with our mission and purpose and is committed to unlocking potential and prosperity among the underserved. At E-SL, we want to empower all by accelerating access to payments, financial services, and jobs. We are confident that our expansion plan for QuickCash will support the company’s long-term growth and enhance our collective ability to deliver positive impact to many more.”
Patricia Zoundi Yao, CEO, QuickCash, also commented: “We believe that E-Settlement Limited has the right vision and deep expertise to drive QuickCash’s geographic expansion and next stage of growth. E-SL is a leading payment services provider with a strong position in Nigeria’s fintech ecosystem. The success story of agency banking in Nigeria cannot be told without E-SL, and this makes them the best fit to build on the success we have achieved so far.”
E-Settlement’s payment solutions in Nigeria, include CashEnvoy, the mobile point of sale (MPOS) solution PayPad, and PayCentre.
While QuickCash will continue to operate independently as a subsidiary of the E-SL group, the company will leverage E-SL’s technical expertise and experience in the sector, strengthening its agency infrastructure and coverage across the continent.
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