Africa Capital Alliance backs Accelerex Holdings with US$20m investment

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MAURITIUS – Accelerex Holdings Mauritius, has announced signing an investment agreement with regional private equity firm, Africa Capital Alliance, for the Capital Alliance Private Equity IV (CAPE IV) fund to invest US$20 million in Accelerex.

The investment will make CAPE IV become a strategic partner in Accelerex and to 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 started payments services operation in October 2013 upon obtaining approval from the Central Bank of Nigeria (CBN).

The company consistently ranked as the number one 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.

 The latest round of funding will also drive new product development across the group.

“I am overly 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,” Tunde Ogungbade, CEO, Global Accelerex said.

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,” said Kokoricha.

The agency banking arm of Accelerex, Accelerex Network Limited (ANL) is a major driver of financial inclusion in Nigeria and 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.

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