Indigenous Fintech Group, E-Settlement (E-SL) has signed an agreement to acquire QuickCash, an Ivorian electronic payment and money transfer company.
QuickCash provides financial, agricultural, and educational digital services to underserved populations, particularly those living within rural areas with less frequent access to electricity or mobile phone connectivity.
According to E-SL, the deal will extend its 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.
It noted that the new move leveraged the company’s technical expertise and deep sector knowledge to strengthen QuickCash’s agency infrastructure and deepen its coverage of the West Africa region and Francophone West African markets.
Commenting, Chief Executive Officer of E-SL, Olaoluwa Awojoodu said, “QuickCash is deepening access for agricultural-dominated areas, rural populations, the underbanked and unbanked.
“We are very excited to join forces with a game-changing provider that aligns with our mission and purpose which is committed to unlocking potential and prosperity among the underserved.
“At E-SL, we want to empower all by accelerating access to payments, financial services, and jobs. We are confident that our expansion plan for QuickCash will support the company’s long-term growth and enhance our collective ability to deliver positive impact to many more.”
Patricia Zoundi Yao, Chief Executive Officer of QuickCash, said, “We believe that E-SL has the right vision and deep expertise to drive our geographic expansion and next stage of growth.
“The success story of agency banking cannot be told without E-SL, and this makes them the best fit to build on the success we have achieved so far.”
