By Emma Okonji
Accelerex Holdings, Mauritius (Accelerex) has signed an investment agreement with regional private equity firm, the Africa Capital Alliance (ACA) for the Capital Alliance Private Equity IV (CAPE IV) fund to invest $20 million in Accelerex.
With this investment, CAPE IV will become a strategic partner in Accelerex and will hold three seats on the company’s board.
Accelerex, which is the parent company of Global Accelerex Limited, was set up for investment into digital financial technology companies across Africa.
Global Accelerex was incorporated in 2008 and commenced payments services operation in October 2013 upon obtaining approval from the Central Bank of Nigeria (CBN). The company consistently ranked as the Number 1 Payment Terminal Service Provider in Nigeria in 2018 and 2019 and supports 95 per cent of Nigerian banks and over 90,000 merchants across the 36 states in the country.
Accelerex commenced operations in Ghana in 2019 and plans to expand into Cote d’Ivoire, Kenya, Tanzania and South Africa over the next 24 months with the new investment from ACA. This funding will also drive new product development across the group.
Commenting on the ACA investment, CEO of Global Accelerex, Tunde Ogungbade, said: “I am very excited by the ACA investment. In our quest for the right investment and strategic partner, we were looking for a company that shares our vision to empower businesses in Sub-Saharan Africa to exceed all their customers’ payment expectations. This partnership will help Accelerex to aggressively expand into Africa and accelerate product development. I see our vision becoming a reality with this move.”