International money transfer platform Western Union has partnered with MFS Africa, the largest mobile money interoperability hub in Africa to enable easier transactions across the continent.
MFS disclosed that such strategic partnership could position it as a one-stop solution for payments into and within Africa, noting that it will go a long way in supporting financial inclusion across the continent.
Speaking on its partnership with Western Union, the Managing director of MTOs at MFS Africa, Kumar Shourav said, “MFS Africa has more than a decade’s worth of experience in navigating the challenging African payments landscape. Its direct relationship with mobile wallet players, banks, cash pick-up networks, and regulators on the continent is unmatched in the industry. Western Union is a global leader in cross-border, cross-currency money movement and payments.
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“Through this partnership, both organizations will provide customers, businesses, and global development organizations across the world with access to convenient payout options in Africa. This will foster better integration between Africa and the rest of the world and will go a long way in supporting financial inclusion across the continent. Therefore, this partnership made complete sense.”
Also commenting on its partnership with MFS Africa, the global head of account payout network at Western Union Hassan Chatila, stated that the platform aims to be the global leader in providing accessible financial services to the world’s populations and, in turn, increase global financial inclusion.
“Our efforts to drive global financial inclusion mean delivering on customer needs today and into the future.Through our partnership with MFS Africa, we are excited to come together and deliver on our joint commitment to bring innovative solutions for customers as they support their families and accelerate their momentum up the economic ladder”, she added.
MFS Africa’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, to enable cross-platform and cross-border payments for remittance companies, mobile network operators, banks, non-bank financial institutions and global merchants.
Founded by CEO Dare Okoudjou at the end of 2008, MFS Africa was launched as a solution to the infrastructure limitations posed within Africa. The company is a Pan-African FinTech startup that enables connectivity between mobile money systems and money transfer organizations, including banks, insurance companies, and other financial institutions.
The MFS Hub is currently connected to 170 million mobile wallets in Sub-Saharan Africa. The Hub connects MFS Africa’s customers to its end-users. MFS Africa authorizes transfers from brick-and-mortar money-transfer operators to mobile phones.
