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