E-Settlement, a Nigerian payments services firm, has announced that it has agreed to buy QuickCash, an Ivorian fintech that has carved out a market position in the transfer of money to people, particularly in rural areas. The proposal’s financial specifics were not disclosed.
“We believe E-Settlement Ltd has the right vision and deep expertise to drive the geographic expansion and the next stage of QuickCash growth. E-SL is a leading payment service provider with a strong position in Nigeria’s fintech ecosystem, ”said Patricia Zoundi Yao, Founder and Director of Quick Cash, commenting on the transaction.
Why The Acquisition
Patricia Zoundi’s QuickCash project’s economic model has always been framed as social entrepreneurship, with the goal of promoting financial inclusion for people in rural areas, particularly women entrepreneurs.
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In West Africa, payment services have developed into a viable sector. A battle of positions is waged quietly but steadily. Wave, based in Senegal but founded and directed by two Americans with the ability to organize resources to back their vision, is one of the firms causing a stir in this industry, particularly in Ivory Coast.
If the deal is completed, E-Settlement will take over a firm that will allow it to expand into additional WAEMU countries including Togo, Niger, Mali, and Burkina Faso. It will also benefit from a network of partners that includes Bank of Africa, WorldRemit, and the Côte d’Ivoire’s National Post Office.
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“We are very happy to join forces with a game-changing (payment service) provider, aligned with our mission and purpose, and committed to unleashing the potential and prosperity of disadvantaged people”, said Olaoluwa Awojoodu, managing director of E-Settlement.
Patricia Zoundi Yao founded Quickcash in 2010 after two years of experimentation.
Quickcash payments E-settlement Quickcash payments E-settlement
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
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