The deal will extend E-SL’s payment service offering, supporting the intent to expand its footprint across the continent and grow the group’s agent banking network to 200,000 agents by the end of 2022. With the acquisition, QuickCash will operate as a wholly owned subsidiary.
According to Olaoluwa Awojood
Established in 2010, QuickCash provides financial, agricultural, and educational digital services to extend the reach of financial services to underserved populations, particularly those living within rural areas with less frequent access to electricity or mobile phone connectivity.
“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.” said Patricia Zoundi Yao, CEO, QuickCash.
E-SL established first of its kind payment solutions in Nigeria, including CashEnvoy, the mobile point of sale (MPOS) solution PayPad, and the transformational agent banking platform, PayCentre. The new move leverages E-SL’s technical expertise and deep sector knowledge to strengthen QuickCash’s agency infrastructure – deepening its coverage of the West Africa region and Francophone West African markets.
Africa’s large population drives the region’s surge in smartphone adoption, internet penetration, and the prominence of agency banking and mobile money. As a testament to the market’s demand for financial services, 64% of the US$ 2.1 billion transacted daily across the globe through mobile money platforms in 2020 were in Sub-Saharan Africa.
The COVID-19 pandemic led to a rise in agency banking due to the temporary closure of bank branches. As a result, demand for agency banking in Africa has risen exponentially, reinforcing digital access, which facilitates the receipt of transfers and funds and empowers Africa’s small-scale entrepreneurs and MSMEs operating as agents – creating financial access at scale.
Unequal distribution of ATMs and other issues such as the frequent inability to dispense funds and other dispensing errors render many ATMs unreliable. Therefore, E-SL is rolling out its growth strategy to cater to the banking needs of harder-to-reach and non-urban areas currently underserved. The group aims to rapidly increase QuickCash’s agents in countries of operation – encouraging the inclusion of underbanked populations in West Africa’s financial system.