MFS Africa, a digital payment platform has announced a partnership with Western Union.
The collaboration will enable customers and businesses across Africa to receive money from over 200 countries.
Through the organization’s licensed payment rails, money can be sent from different countries around the world to mobile wallets across Africa.
This service will first be introduced in Madagascar.
Managing Director MTO’s at MFS Africa, Kumar Shourav said the collaboration will scale the fintech sector across Africa.
“At MFS Africa, we have always believed in making payments as simple as possible. Payment infrastructures globally have traditionally remained fragmented and local. 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,” the MD noted.
Mr Shourav also said Africa’s fast-growing populations and markets present important opportunities for businesses and individuals in an environment of slowing global growth.
The partnership enables the two firms to provide customers, businesses, and Global Development Organisations across the world with access to convenient payout options in Africa.
Also, it will support financial inclusion across the continent as Africa will be connecting more to the rest of the world.
Regional Vice President of Africa Western Union, Mohamed Touhami El Ouazzani, noted that the firm is deeply committed to Africa and is also focused on advancing cross-border money movement solutions for the people in this region, their communities as well as the broader economy.
“Innovation, commitment to customer focus and financial inclusion are at the heart of everything we do at Western Union. 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.”
Western Union’s full-service digital payments network connects over 400 million mobile money wallets, and 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.