MFS Africa, MoneyGram partner to meet demand for mobile wallets
Pan-African cross-border payment services provider MFS Africa has partnered with MoneyGram, a global player in cross-border P2P payments and money transfers, enabling MoneyGram to extend the reach of its service across Africa.
MFS Africa provides its partners with this reach via its digital payments hub, which it touts as “the largest and most interconnected payments platform in Africa.”
According to the companies, the partnership creates 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.”
According to MoneyGram it experienced 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."
In June this year MFS Africa acquired Beyonic, a digital payments management provider of business services for SMEs, Fintechs, and social impact entities across Africa.
The companies said the deal will provide the growing micro, small, and medium enterprise segment across Africa with the ability to manage digital transactions with individuals and businesses around the world.