Accelerax Holdings (Acelerax) based in Mauritius announced the signing of a new investment agreement with Africa Capital Alliance (“ACA”), a regional private equity firm. the Capital Alliance Private Equity IV (CAPE IV) plans to invest $20 million into Accelerex where CAPE IV becomes a partner that holds three seats on the company’s board.
Accelerex, is the part company to Global Accelerex Limited, the African Fintech Powerhouse, which is looking at digital financial technology companies. Founded in 2018, Global Accelex began its payment operations in October 2013 upon receiving approval from the Central Bank of Nigeria (CBN).
The company was Nigeria’s top Payment Terminal Service Provider in 2018 and 2019 supporting 95% of Nigeria’s banks supporting 90,000 merchants across 36 of the country’s states. Accelerex expanded into Ghana in 2019 and plans to expand further into the Kenyan, South Africa, and Cote d’Ivoire government.
Accelerex Network Limited (ANL) is a key driver of financial inclusion across Nigeria. It has also supported the Central Bank of Nigeria’s financial inclusion agenda targeting underserved regions of the population. Thus far the company has now over 9,000 agents and plans to raise the number to 40,000 by the end of 2021.
Accelerex will also take a major stake in SLS Microfinance Bank and a minority stake in Connected Analytics (a fintech provider).
Tunde Ogungbade, the CEO of Global Accelerexmade, commented on the investment describing how the new boost will help them “aggressively expand into Africa.”