• Wednesday, April 17, 2024
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Western Union partners MFS Africa to scale cross-border transactions

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Western Union has partnered with MFS Africa, a mobile money hub that connect users across the continent, to enable individuals and businesses across the continent to receive money from over 200 countries and territories.

The service, which will be unveiled first in Madagascar, according to the partners, will enable funds to be sent from countries around the world to mobile wallets across Africa through the organisation’s licensed payment rails.

Kumar Shourav, managing director, MTO’s at MFS Africa said that a partnership like this is unprecedented in the industry, with huge potential benefits, value, and impact implications in the long run.

“At MFS Africa, we have always believed in making payments as simple as possible. Payment infrastructures globally have traditionally remained fragmented and local in nature. 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. Africa’s fast-growing populations and markets present important opportunities for businesses and individuals in an environment of slowing global growth,” Shourav said.

He said the partnership with Western Union will provide customers, businesses and global development Organisations across the world with access to convenient payout options in Africa which 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.

Similarly, Western Union said it remains committed to empowering the aspiring populations of the world with accessible financial tools to improve the lives of their loved ones and communities.

Hassan Chatila, global head of Account Payout Network, Western Union said, “At Western Union, we aim 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 means 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.”

Also, Mohamed Touhami, regional vice President of Africa, Western Union added that Innovation, commitment to customer focus and financial inclusion are at the heart of Western Union operations and they remain deeply committed to the region on advancing cross-border money movement solutions for the people.

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“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.”

MFS Africa said this collaboration will cement the company as a one-stop solution for payments into and within Africa while stating that the company will strive to continuously connect senders, recipients, and service providers across the continent.

Meanwhile, the company said that its 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.