Western Union, MFS Africa partner to enable money transfers mobile wallets across Africa
MFS Africa has partnered with Western Union to enable individuals and businesses across the continent to receive money from over 200 countries.
The partnership will enable funds to be sent from countries around the world to mobile wallets across Africa through the organization’s licensed payment rails. The service will first launch in Madagascar, and eventually to other countries across the continent.
Kumar Shourav, Managing Director, MTO’s at MFS Africa noted that a partnership has a huge potential and impact to the payments industry in the region.
“At MFS Africa, we have always believed in making payments as simple as possible. Payment infrastructures globally have traditionally remained fragmented and local in nature. Africa’s 54 countries are diverse not just in terms of population, development levels, growth rates, and stability but with payment infrastructure and regulations as well. ” he said.
”Africa’s fast-growing populations and markets present important opportunities for businesses and individuals in an environment of slowing global growth.” he added.
Through this Western Union and MFS Africa partnership, Shourav says both organizations will provide customers, businesses, and Global Development Organisations across the world with access to convenient payout options in Africa. ”This will foster better integration between Africa and the rest of the world and will go a long way in supporting financial inclusion across the continent. Therefore, this partnership made complete sense.”
Similarly, Western Union’s ethos is based on empowering the aspiring populations of the world with accessible financial tools to improve the lives of their loved ones and communities.
Mohamed Touhami El Ouazzani, Regional Vice President of Africa, Western Union noted, “Innovation, commitment to customer focus and financial inclusion are at the heart of everything we do at Western Union. We are deeply committed to the region and remain focused on advancing cross-border money movement solutions for the people in this region, their communities as well as the broader economy. Through our collaboration with MFS Africa, we look forward to achieving our common critical role in getting money to the places where and when it is most needed.”
The organization’s full-service digital payments network connects over 400 million mobile money wallets, over 200 million bank accounts across Africa. It also connects over 200,000 agents in Nigeria, to enable cross-platform and cross-border payments for remittance companies, mobile network operators, banks, non-bank financial institutions and global merchants.
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