Wole Onasanya is the managing director/CEO of Coronation Group, an African financial services provider. The Group unveiled ambitious expansion plans at the 2024 Africa CEO Forum held in Kigali, Rwanda. In this interview he highlights some of the company’s drive towards financial inclusion in Africa. He also said the group is committed to building sustainable partnerships for transformative change. Excerpts by John Salau
Could you tell us about Coronation Group’s recent partnerships in the financial services sector?
Certainly, Coronation Group has been actively pursuing strategic partnerships with key players to drive innovation and increase our geographic footprint in Africa. A recent partnership is with M-PESA and Access Holdings to facilitate seamless trade between residents of Kenya and Nigeria. We intend to use this as a template to provide a similar solution across Africa.
The impact of this initiative will be to make it possible for an individual; or small business owner to transact business with other Africans just as they would with counterparts in their home countries, in effect, we will make commercial transactions between Africans seamless and quick.
How do these partnerships contribute to Coronation’s mission of driving financial inclusion and empowerment in Africa?
Over 80 percent of sub-Saharan African adults are self-employed, and about 90 percent of these number generates revenues of less than $10,000 annually. Therefore, it is important to develop solutions that empower these individuals in the areas of access to broader set of customers, capital formation, and insurance protection for their businesses and wealth creation. Through technology and partnerships, we intend to overcome lots of the barriers that currently characterize this segment of African population.
What sets Coronation’s approach to partnerships apart from other financial institutions?
At Coronation we prioritise partnerships that align with our values and objectives, focusing on mutual benefits, shared vision, and long-term impact. We believe in building relationships that are based on trust, transparency, and leveraging technology to drive transformative change.
How does the Group ensure that its partnerships remain sustainable and mutually beneficial in the long term?
In all our partnerships, we establish clear objectives, expectations, and governance structures. These ensure alignment, transparency and ongoing monitoring. Our governance structure incorporates regular performance reviews that are carried out in a transparent manner and maintain the health and longevity of our partnerships.
As Coronation expands beyond Nigeria and Ghana, we are leveraging strategic partnerships to unlock new opportunities for growth and innovation across Africa. With a track record of success in key West African markets, including Nigeria and Ghana, Coronation Group is now poised to expand its footprint into other regions across the continent. Coronation’s approach to partnerships sets us apart from other financial institutions, and we prioritise relationships based on mutual benefits, shared vision, and long-term impact.
Outside the partnerships, what are some of the key innovative solutions that the Group has introduced to address the evolving needs of its clients and customers?
Coronation has introduced several innovative solutions over the past few years. Some examples include: Coronation Wealth, a digital wealth platform for retail customers from low income earners to UHNIs. Fiducia is a digital invoice discounting solution, largely targeted at SMEs.
CapTable, a digital shareholder platform for startups and SMEs, and Marine Insurance Portal, a digital platform that facilitates purchase of marine insurance within minutes. These solutions are designed to enhance convenience, accessibility, and efficiency for our clients.
Building on your track record of innovation, can you share a specific goal the Group has for the future? Perhaps a challenge you are eager to tackle or an opportunity you see on the horizon?
Our goal is to double our geographic footprint across Africa by the end of 2025 and add 10 million new customers to the Coronation ecosystem. We are committed to building sustainable partnerships and driving transformative change that positively impacts communities and economies across the continent. Coronation Group’s participation at the Africa CEO Forum underscores our dedication to shaping the future of Africa’s financial landscape and fostering meaningful dialogue on key challenges and opportunities.
