MFS Africa and Western Union have teamed up to enable individuals and businesses across Africa to receive money from over 200 countries and territories through authorized payment networks.
This partnership will enable funds to be sent to mobile wallets across the African continent via MFS Africa’s licensed payment rails; beginning with Madagascar and expanding to other nations in the region.
Kumar Shourav, the Managing Director of MTOs at MFS Africa, stated that the partnership has the potential to make a significant impact on the payments industry in the region. The aim of the partnership is to increase financial inclusion and benefit young entrepreneurs, loan repayment collectors, and those needing bulk payment services.
MFS Africa’s digital payment network connects over 400 million mobile money wallets, 200 million bank accounts, and 200,000 agents in Nigeria, enabling cross-platform and cross-border payments for remittance companies, mobile network operators, banks, non-bank financial institutions, and global merchants.
Kumar Shourav, believes the partnership has unprecedented potential benefits, value, and impact implications. He also noted that traditional payment infrastructures have been fragmented and localized, and Africa’s diverse countries have different payment infrastructure and regulations.
The collaboration will help overcome this fragmentation of payment infrastructures globally, which have traditionally remained fragmented and local in nature.
Mohamed Touhami El Ouazzani, Regional Vice President of Africa at Western Union, believes that innovation, customer focus, and financial inclusion are the core values of the collaboration.
The partnership aims to advance cross-border money movement solutions and improve the broader economy’s financial landscape. MFS Africa goal is to simplify payments as much as possible.
This collaboration will further establish MFS Africa as the preferred and one-stop solution for payments into and within Africa.
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