Global Markets

Western Union and MFS Africa team up to enable money transfers mobile wallets across Africa

Western Union and MFS Africa have teamed to make it possible for people and businesses across the continent to accept payments from more than 200 nations and territories.

Using the organization’s authorized payment rails, the cooperation will allow money to be moved from all around the world to mobile wallets in Africa. The program will debut in Madagascar first before expanding to other nations on the continent.

A relationship of this nature is unusual in the market and has enormous long-term potential benefits, value, and impact implications, according to Kumar Shourav, Managing Director, MTO’s at MFS Africa.

We at MFS Africa have always favored keeping payments as straightforward as possible. Global payment infrastructures have historically been dispersed and local in scope. The 54 nations that make up Africa are distinct not just in terms of population, degree of development, rate of growth, and stability, but also in terms of payment infrastructure and rules. said he.

In a time of slowing global growth, the rapidly expanding populations and markets of Africa provide significant potential for enterprises and individuals. MFS Africa has more than ten years of experience managing the complex payments environment in Africa. It has unparalleled access to mobile wallet competitors, banks, cash pickup networks, and regulators around the continent. Leading the way in cross-border, cross-currency money transfers and payments is Western Union. By working together, the two organizations will give customers, companies, and global organizations access to simple payout choices across Africa. This will promote more global integration between Africa and the outside world and significantly advance financial inclusion on the continent. This collaboration therefore made perfect sense.

Corresponding to this, Western Union’s ethos is built on providing accessible financial instruments to the world’s aspirant populations in order to enhance the lives of their loved ones and communities.

Hassan Chatila, Global Head of Account Payout Network, Western Union, said, At Western Union,we strive to be the global leader in providing accessible financial services to the world’s people and, in turn, improve global financial inclusion. In order for us to advance financial inclusion on a global scale, we must continue to meet customer demands. We are eager to work together and fulfill our shared objective to provide consumers with cutting-edge solutions as they support their families and quicken their ascent up the economic ladder thanks to our relationship with MFS Africa.

Innovation, dedication to the needs of the client, and financial inclusion are at the core of everything we do at Western Union, according to Mohamed Touhami El Ouazzani, Regional Vice President of Africa for Western Union. We have a strong sense of responsibility for the area and are still devoted to advancing cross-border money transfer solutions for the local population, their communities, and the overall economy. We look forward to achieving our shared vital role in bringing funding to the locations and times where it is most needed through our partnership with MFS Africa.

This partnership will strengthen MFS Africa’s position as a preferred, superior, one-stop solution for payments into and within Africa by enabling access to cross-border transactions. MFS Africa works to constantly link senders, recipients, and service providers across the continent, whether you’re a young business owner in the merchant space, need access to collect loan repayments from clients, or need to transmit bulk payments.

In order to facilitate cross-platform and cross-border payments for remittance companies, mobile network operators, banks, non-bank financial institutions, and international merchants, the organization’s full-service digital payments network connects over 400 million mobile money wallets, over 200 million bank accounts across Africa, and over 200,000 agents in Nigeria.

Leave a Reply