The News:

• Access Holdings, a Nigerian financial company, has partnered with Coronation Group, Safaricom, and Mpesa Africa to facilitate remittances in East and West Africa.

• Consequently, the company will enhance its remittance business, tackling the challenges clients face when remitting funds domestically and internationally.

• It also intends to improve remittance services by leveraging financial institutions’ collective expertise and resources. 

Furthermore, it has significant potential given Africa’s large remittance flows, with Nigeria and Kenya leading as major recipients in their respective regions.

According to a 2023 report, remittances to Nigeria accounted for 38% of the $58 billion remittance flows to Africa, growing by about 2%, while two other major recipients, Ghana and Kenya, saw estimated increases of 5.6% and 3.8%, respectively. 

Following the death of Access Holdings Plc co-founder Herbert Wigwe in February 2024, the company appointed Bolaji Agbede as Acting Group CEO. In March, Aigboje Aig-Imoukhuede became the Chairman of Access Bank, Nigeria’s leading bank by assets as of 2023, with over 49 million customers in 18 countries. 

Thus, he says the deal “encompasses more than a convergence of capabilities; it represents the fusion of collective expertise, resources, and an unwavering commitment to driving financial inclusion, empowering millions throughout Africa.”

It also aligns with the African Continental Free Trade Area’s (AfCFTA) goals of promoting intra-African trade and economic integration.

The initial stage of this initiative will focus on remittance corridors in Nigeria, Kenya, Ghana, and Tanzania by streamlining cross-border money transfers towards empowering millions of Africans and opening up economic opportunities. 

In recent times, Access Holdings has intensified its expansion plan. In March 2024, Techpoint Africa reported that the company could pay KCB Group about KSh13.2 billion ($99.6 million) to acquire its subsidiary, the National Bank of Kenya (NBK). It also stated that the financial institution and NBK had reached a binding agreement. 

Also, in January 2024, Access Holdings announced that its subsidiary, Access Bank, has agreed to acquire a majority stake in Finance Trust Bank in Uganda.