Port Louis, Mauritius, August 26, 2020// – Johannesburg-based fintech firm MFS Africa, the pan-African cross-border payments leader, has announced a partnership with MoneyGram, a global player in cross-border P2P payments and money transfers.
This partnership will enable MoneyGram to leverage MFS Africa’s unparalleled reach to mobile wallets and bank accounts across the continent.
MFS Africa provides its partners with an unparalleled reach across the African continent through its digital payments hub, which is the largest and most interconnected payments platform in Africa.
Working in close partnership with MoneyGram, the partnership will provide a convenient, cost-effective, and secure African transaction channel for MoneyGram’s global customer base.
Dare Okoudjou, founder and CEO of MFS Africa, commented on the partnership: “MoneyGram is a prominent name in global payments, and we’re really excited to help them open up Africa to the international mobile money market.
In Africa mobile money has already been a massive driver of financial inclusion and entrepreneurship, but cross-border payments are inhibited. There’s a patchwork of different regulatory regimes to navigate, as well as the distinct technical infrastructure that each telco, money transfer operator, and digital wallet uses.
“We’re looking forward to bringing our local and regional expertise together with MoneyGram’s global customer base to make transfers in and out of the continent far easier.
Just in July we processed 2.5 million transactions, and with partnerships such as this one and our acquisition of Beyonic earlier this year we are gearing up to make it easier for more consumers and businesses to transfer money within, into, and beyond Africa.”
MoneyGram’s mobile-first and global mindset enables it to provide a seamless and simple customer experience to people looking to transfer money around the world.
It recently reported a significant acceleration in the growth of its global account deposit and mobile wallet transactions, with July 2020 seeing transactions increase by 165% year-on-year (compared to its second quarter year-on-year growth of 148%.)
“Our digital business has seen amazing growth over the past several years, and these new partnerships are important milestones as we execute our strategy to accelerate digital growth by expanding access to mobile wallet capabilities,” said Kamila Chytil, MoneyGram Chief Operating Officer and leader of the Company’s digital business.
“Customer demand for mobile wallets has increased significantly over the last few years and with the onset of the global pandemic, the launch of these strategic partnerships is more important than ever.”
MFS Africa is a leading Pan-African fintech company, operating the largest digital payments hub on the continent.
Connected to over 200 million mobile wallets in over 35 countries on the continent, MFS Africa offers its partners unparalleled reach for scale across the continent.
It allows merchants, banks, mobile operators and money transfer companies to leverage the ubiquity of mobile wallets as a safe, convenient, and cost-effective transaction channel. MFS Africa works in close partnership with players across the ecosystem to bring simple and secure mobile financial services to un- and under-banked customers. For millions of customers in Africa and beyond, we make borders matter less.
Instructively, MoneyGram is a global leader in cross-border P2P payments and money transfers. Its consumer-centric capabilities enable family and friends to quickly and affordably send money in more than 200 countries and territories, with over 70 countries now digitally enabled.
MoneyGram leverages its modern, mobile, and API-driven platform and collaborates with the world’s leading brands to serve millions of people each year through both its walk-in business and its direct-to-consumer digital business.
With a strong culture of innovation and a relentless focus on utilizing technology to deliver the world’s best customer experience, MoneyGram is leading the evolution of digital P2P payments.
African Eye Report
