One of the nation’s leading agent banking providers, Accelerex Network Limited, recently rewarded its best performing agents for the year 2020 with several exciting gifts including brand new Generators, Full HD Televisions and Water Dispensers.
This laudable initiative to boost the dedication of agents under its rapidly expanding network all across Nigeria, is in line with the company’s overall commitment to ensure that financial inclusion gets to the doorstep of the unserved and underserved populace.
According to Mrs. Olufunmiso Oyelohunnu, the Managing Director and CEO of Accelerex Network Limited, “Our agents smashing their goals is most than just the numbers to us, it means that our own goal of ensuring that the best of agency banking services gets to every nook and cranny of Nigeria is also being smashed”.
One of the prize recipients in Abuja, Mr. Hassan Abubakar, expressed his heartfelt gratitude, saying that the prize makes him feel seen and important to the company. While for Mrs. Juliana Ofoegbu based in Lagos, who emerged second best agent for 2020, the reward is a sign to her that as a woman, nothing is impossible for her to achieve.
Accelerex Network Limited, which is affiliated to the foremost Global Accelerex, is a CBN-licensed super-agent that uses a blend of technology innovation and robust agent network to provide financial services to unserved and underserved communities across Nigeria; thereby improving the overall quality of life of millions of people, especially women.
Accelerex Holdings, Mauritius (“Accelerex”), today announced that it has signed an investment agreement with regional private equity firm, Africa Capital Alliance (“ACA”), for the Capital Alliance Private Equity IV (CAPE IV) fund to invest $20 million in Accelerex. With this investment, CAPE IV will become a strategic partner in Accelerex and will hold three seats on the company’s board.
Accelerex, which is the parent Company of African Fintech powerhouse, Global Accelerex Limited, was set up for investment into digital financial technology companies across Africa.
Global Accelerex was incorporated in 2008 and commenced payments services operation in October 2013 upon obtaining approval from the Central Bank of Nigeria (CBN). The company consistently ranked as the Number 1 Payment Terminal Service Provider in Nigeria in 2018 and 2019 and supports 95% of Nigerian banks and over 90,000 Merchants across the 36 states in the country.
Accelerex commenced operations in Ghana in 2019 and plans to expand into Cote d’Ivoire, Kenya, Tanzania and South Africa over the next 24 months with the new investment from ACA. This funding will also drive new product development across the group.
The agency banking arm of Accelerex, Accelerex Network Limited (ANL) is a major driver of financial inclusion in Nigeria. It supports the Federal Government of Nigeria and the CBN’s financial inclusion agenda, targeted at the underserved and unserved segments of the population. Accelerex Network Limited has grown its Agent network to over 9,000 agents within the last 12 months and plans to reach 40,000 agents by the end of 2021.
In addition, Accelerex also acquired a majority stake in SLS Microfinance Bank to serve the financial needs of its fast-growing agent banking business.
In 2019, Accelerex acquired a significant minority stake in Connected Analytics (also known as ThankUCash), a Fintech platform provider that enables merchants offer loyalty rewards to their customers thereby boosting their sales.
Commenting on the ACA investment, Tunde Ogungbade, CEO of Global Accelerex, said; “I am very excited by the ACA investment. In our quest for the right investment and strategic partner, we were looking for a company that shares our vision to empower businesses in Sub-Saharan Africa to exceed all their customers’ payment expectations. This partnership will help Accelerex to aggressively expand into Africa and accelerate product development. I see our vision becoming a reality with this move”.
Paul Kokoricha, Partner at ACA, stated that with the huge potential of Fintechs in Africa, good funding and strong expertise are crucial to scalability. He added that “Accelerex’s strong business model and its agile and dynamic management team makes it the ideal African Fintech group to back. We are thrilled about this alliance and are happy to bring our experience to the board”.
Accelerex Holdings continuously develops and deploys convenient, secure and innovative financial and non-financial solutions that make life easier.