Airtel Africa and Mastercard announced the launch of a new cross-border remittance service that will enable Airtel subscribers across 14 African markets to send and receive money. This innovative service will be rolled out in a phased approach to provide consumers with a seamless digital experience connecting them to millions across the world.
An estimated $95.6 billion a year flows into the continent, making remittances a major source of foreign currency in Africa. This service will provide customers with the convenience and access they need to reach their loved ones across the globe, promoting financial empowerment and contributing to the economic growth of the continent.
Through a single and secure point of access, Mastercard Cross-Border Services will support the outward transfer of funds in a phased manner across each of the 14 African markets where Airtel has a presence. This includes Chad, Congo Brazzaville, Democratic Republic of Congo, Gabon, Kenya, Madagascar, Malawi, Niger, Nigeria, Rwanda, Seychelles, Tanzania, Uganda, and Zambia. Through timely delivery, secured transfers and reasonable transaction costs, the platform will connect consumers to wallets in over 145 markets.
Commenting on the launch, Ian Ferraro, Chief Executive Officer, Airtel Money said, “We are thrilled to embark on this journey with Mastercard, as we work together to roll out a world-class remittance service to our customers. At Airtel Africa, we are deeply committed to transforming the lives of our customers through innovative and accessible financial solutions, and this partnership is a significant step towards that goal. We believe that every individual deserves the chance to succeed, and we are proud to play a part in making that vision a reality.”
“The digital economy continues to grow and expand, and by rolling out this exciting, seamless remittance service, we’re making it easier for more people to transfer funds with ease, security and certainty. As a global technology company with a long history in Africa, Mastercard is committed to the continent’s growth and connecting its people to convenient digital solutions that will enable a more financially inclusive future for all. We are proud to continue building on our partnership with Airtel Africa by adding more value and choice for its customers,” said Ngozi Megwa, Senior Vice President, Digital Partners and Enablers, Eastern Europe, Middle East and Africa, Mastercard.
According to Mastercard’s 2022 Borderless Payments Report, digital payments are seeing strong growth with three-quarters of consumers who send and receive cross-border payments doing so through mobile apps. This growth in cross border mobile transactions has created a genuine need to make cross border remittances easy and secure for both banked and unbanked consumers. Airtel and Mastercard share this passion for digital transformation and making mobile financial services accessible to everyone across the continent.
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