(Agence Ecofin) – Accelerex Holdings, parent company of the Nigerian supplier of electronic payment solutions Global Accelerex Limited has welcomed a new investor to its shareholding. African Capital Alliance will finance its expansion in Ivory Coast, Kenya, Tanzania and South Africa by 2022.
The private equity firm African Capital Alliance (ACA) domiciled in Nigeria and which focuses its operations in sub-Saharan Africa has invested $ 20 million in Accelerex Holdings, a firm that finances and supports African fintechs.
The transaction was carried out through ACA’s fourth investment fund. This is a $ 570 million fund focused on West Africa and interested in many sectors such as health, energy, infrastructure, and agrifood.
With the funding from our partners, African Capital Alliance @ACAgrp, we are well positioned to serve you even better.
— Global Accelerex (@GlobalAccelerex) November 19, 2020
This funding initiative will allow Capital Alliance Private Equity IV “To become a strategic partner of Accelerex and to hold seats on the company’s board of directors”, Accelerex specifies in a briefing note announcing the operation.
The allocated funds will be used to support the expansion of Accelerex in Côte d’Ivoire, Kenya, Tanzania and South Africa over the next 24 months. Accelerex Holdings, the parent company of Nigerian electronic payment solutions provider Global Accelerex Limited, intends to develop new products.
With a view to strengthening its banking agent activity, Accelerex acquired a majority stake in SLS Microfinance Bank. Its subsidiary Accelerex Network Limited, dedicated to providing financial services, has managed to attract 9,000 agents over the past twelve months and expects to reach 40,000 agents by the end of 2021.
Paul Kokoricha, partner at ACA, briefly commented on this agreement, welcoming the dynamism of the Accelerex management team. “Accelerex’s strong business model and its agile and dynamic management team make it the ideal African fintech group to fund. We are delighted with this alliance and happy to share our experience with the Board of Directors ”, did he declare.