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.
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