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Access Holdings, a prominent financial institution in Africa, has forged a strategic alliance with Coronation Group, Safaricom, and M-Pesa Africa to optimize remittance services between East and West Africa.
The primary objective of this collaboration is to improve the accessibility and efficiency of money transfers for millions of Africans, thereby advancing financial inclusion across the continent.
Under the leadership of Aigboje Aig-Imoukhuede, Access Holdings aims to capture a significant portion of the remittance market in both regions.
Commenting on the partnership, Aig-Imoukhuede stated, “This partnership goes beyond mere collaboration; it represents the integration of diverse capabilities, resources, and a steadfast commitment to foster financial inclusion, empowering millions across Africa.”
This partnership holds immense potential, given Africa’s substantial remittance inflows, with Nigeria and Kenya serving as key recipients in their respective areas.
According to a 2023 report, remittances to Nigeria accounted for 38% of the $58 billion remittance flow to Africa, experiencing a modest 2% growth. Similarly, other major recipients like Ghana and Kenya recorded estimated increases of 5.6% and 3.8%, respectively.
The initial phase of this initiative will focus on remittance corridors in Nigeria, Kenya, Ghana, and Tanzania, with the goal of streamlining cross-border money transfers to empower millions of Africans and unlock economic opportunities. Notably, Access Holdings has recently intensified its expansion efforts.
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