Private equity firm Africa Capital Alliance has invested $20m in Nigeria-focused financial services company Accelerex as it pursues a continent-wide expansion plan. Mauritus-based Accelerex owns one of the largest payment terminal service providers in Nigeria, which works with over 95% of Nigerian banks and 90,000 merchants. Its agency banking arm, AccelerexNetwork, active since 2013, offers services to financially underserved Nigerians through a network of 9,000 agents, and plans to reach 40,000 agents by the end of 2021. Accelerex, which commenced operations in Ghana in 2019, intends to use the $20m investment to expand into Cote d’Ivoire, Kenya, Tanzania and South Africa over the next 24 months and drive new product development across the group.
SOURCE: AFRICAN BUSINESS
More Stories
The Marshall Nature Reserve Gives a Different Glimpse of the Sudanese Capital
The Journey of Moving Tanzanians Around
Correcting Kinshasa’s Commodity Crisis
Can African Leaders Rate Themselves?
First Black African to Win Grand Tour Stage
Financing Dangote’s Fertiliser Dream Tougher than Expected
This is a Moment for the Women of Kenya
US Support in Somalia Couldn’t Have Come at a Better Time
A Symbol of Sudan’s Resistance
Families of Trapped Miners in Limbo
Google Translate Announces an Addition of 10 Languages Spoken in Africa
All Four Tourists Reported Missing in the Fish River Canyon have been Accounted For