(Ecofin Agency) - Nigerian e-payment company E-Settlement announced it has reached a deal to acquire QuickCash, an Ivorian rural-focused fintech. The acquisition amount was not disclosed.

“We believe that E-Settlement Limited has the right vision and deep expertise to drive QuickCash’s geographic expansion and next stage of growth. E-SL is a leading payment services provider with a strong position in Nigeria’s fintech ecosystem,” said Patricia Zoundi Yao, CEO of QuickCash.

For his part, Olaoluwa Awojoodu, Head of E-Settlement, said: “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. At E-SL, 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.”

The QuickCash project has always been presented as social entrepreneurship, to increase the financial inclusion of people living in rural areas, especially women entrepreneurs. But the payment service has become a real market segment in West Africa and operators are engaged in a fierce battle to gain ground. One of the disruptive players in the region, Senegal-based Wave, recently entered the Ivorian market. The company is founded and run by two Americans who can mobilize resources to support their vision.

If the deal is finalized, E-Settlement will take over a business that will allow it to enter other WAEMU markets including Togo, Niger, Mali, and Burkina-Faso. The Nigerian fintech will also benefit from a network of partners including Bank of Africa, WorldRemit and the Société nationale des Postes de Côte d'Ivoire.