Nigerian fintech startup E-Settlement has acquired the Ivory Coast-based QuickCash to help it expand across a host of other West African countries.
Founded by Olaoluwa Awojoodu in 2017, E-Settlement provides financial services to different target markets through its platforms, placing itself at the forefront of innovative, easy-to-use, affordable, secure and inclusive payment solutions for Africa.
The startup established first of its kind payment solutions in Nigeria, including CashEnvoy, the mobile point of sale (MPOS) solution PayPad, and agent banking platform PayCentre. It has now announced it has signed an agreement to acquire QuickCash, an Ivorian electronic payment and money transfer company promoting financial inclusion of rural populations and those operating in the informal sectors of Ivory Coast, Burkina Faso, Niger, Togo and more.
QuickCash, a leading provider of financial, agricultural, and educational digital services, was established in 2010. The company provides innovative, simple, and accessible products that 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.
The deal will extend E-Settlement’s payment service offering, supporting its 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.
“QuickCash is deepening access for agricultural-dominated areas, rural populations, the underbanked and unbanked: the disproportionately financially excluded. We are very excited to join forces with a game-changing provider that aligns with our mission and purpose and is committed to unlocking potential and prosperity among the underserved,” said Awojoodu.
“At E-Settlement, 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 (CEO) of QuickCash, said she believed that E-Settlement had the right vision and deep expertise to drive QuickCash’s geographic expansion and next stage of growth.
“E-Settlement s 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-Settlement, and this makes them the best fit to build on the success we have achieved so far,” said Yao.