Global leader in cross-border, cross-currency money movement and payments, Western Union, has partnered with MFS Africa to enable individuals and businesses across the continent to transfer and receive money from over 200 countries and territories through mobile money wallets.
The partnership, according to Kumar Shourav, the Managing Director, MTO’s, at MFS Africa, will “enable funds to be sent from countries around the world to mobile wallets across Africa through the organization’s licensed payment rails.”
The service which will have its first launch in Madagascar, before moving to countries across the continent, is unprecedented in the industry, with huge potential benefits, value, and impact implications in the long run, according to Shourav.
“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,” he said.
”Africa’s fast-growing populations and markets present important opportunities for businesses and individuals in an environment of slowing global growth,” Shourav added.
Also commenting on the partnership, 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.”
“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.”