MFS Africa continues its journey to colonise Africa’s fintech ecosystem. Barely some months after entering Cameroon via Maviance and a month after announcing a partnership deal with Global Technology Partners (GTP) to supply 100 million mobile money cards to mobile money users across Africa, the company has announced entry into Sierra Leone, with a new partnership with AfriMoney, the mobile money service of telecommunications services provider Africell. The partnership will enable mobile money users in the country to receive payments from abroad.
“To drive growth in Sierra Leone, bringing more people into the financial system is essential. We are excited to develop new financial pathways to the market with this partnership — Africell offers a compelling and easy way for Sierra Leonean people and businesses to access financial services easily. We’re expanding the possibilities for users by making it seamless and cost-effective to receive money across borders — whether that’s enabling a son or daughter in Freetown to send money home to his or her family or removing obstacles to entrepreneurs who want to look further afield for business,” Dare Okoudjou, CEO and founder of MFS Africa said.
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Customers of mobile money transfer operators connected to the MFS Africa hub, such as MoneyGram, World Remit, and Xoom, can now send money to mobile wallets in Sierra Leone with ease. MFS Africa’s hub connects over 320 million mobile wallets, enabling a slew of new cross-border payment options.
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Remittances from overseas account for more than half of yearly household expenditure in Sierra Leone, according to the corporations, and hence play a vital part in the country’s economic growth. In 2017, less than one in every five Sierra Leoneans had a bank account, and mobile money, they claim, gives an alternative to traditional financing.
“AfriMoney is driving greater financial inclusion in Sierra Leone and other African countries. Our partnership with MFS Africa adds to the strength of the AfriMoney platform by linking us to more international mobile transfer operators and giving these operators superior access to the growing market of Sierra Leone. Remittances are an important source of economic value for Sierra Leone, and we are pleased to be working with MFS Africa to make them easier and more affordable for customers,” Andy Widmann, Group Director, AfriMoney, said.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer