Patricia Zoundi Yao - Afrikan Heroes

E-Settlement Acquires Ivory Coast’s QuickCash to Boost West African Expansio

November 4, 2021

Patricia Zoundi Yao, chief executive officer (CEO) of QuickCash

Nigeria’s highly innovative fintech startup E-Settlement has acquired the Ivory Coast-based QuickCash to help it expand across a host of other West African countries. The fintech startup which was established in 2017 by Olaoluwa Awojoodu with the objective of providing 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, has embarked on expansion across the west African coast.

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 is 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.

Kelechi Deca

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Ivorian Payments Startup, QuickCash, Acquired By Nigeria’s E-Settlement

November 2, 2021

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.

*Patricia Zoundi Yao, Founder and Director of Quick Cash*

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.

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.

“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

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