African fintech space is getting heated up as global leader in cross-border P2P payments and money transfers, MoneyGram has announced four mobile wallet and fintech partnerships that give the company access to mobile wallets in 28 markets in Africa
“Our digital business has seen amazing growth over the past several years, and these new partnerships are important milestones as we execute our strategy to accelerate digital growth by expanding access to mobile wallet capabilities,” said Kamila Chytil, MoneyGram Chief Operating Officer and leader of the Company’s digital business. “Customer demand for mobile wallets has increased significantly over the last few years and with the onset of the global pandemic, the launch of these strategic partnerships is more important than ever.”
Here Is What You Need To Know
- The new partnerships are with Airtel, Thunes, InTouch and MFS Africa and will help to execute its customer-centric digital transformation.
- Airtel, a leading provider of telecommunication and mobile money services, has a presence in 14 countries across Africa and over 19 million customers alone. Through this collaboration, customers will be able to receive funds from around the world, access the money immediately, transfer to other individuals, or convert to cash at many available branches, kiosks and agents.
- Thunes, InTouch and MFS Africa, prominent fintech payment providers, are platforms that bridge the gap between the rapidly growing mobile money ecosystem in Africa and global online digital payments. The reach of the three providers will enable MoneyGram to quickly and significantly expand its coverage across the continent.
- Services at Thunes and InTouch begin as early as this week, while the partnerships with Airtel and MFS Africa will go live in the next few months.
Read also: Airtel Africa Launches Africa-wide Money Transfer Service Through Mukuru
“Africa is seeing significant growth in mobile money adoption across the continent, and we’re excited to partner with Airtel, Thunes, InTouch and MFS Africa to further support our collective goals to mobilize the movement of money,” said Grant Lines, MoneyGram Chief Revenue Officer. “We continue to execute our plan to overhaul major receive markets, and I look forward to building upon our strong momentum in Africa through these new partnerships.”
- MoneyGram recently reported that its global account deposit and mobile wallet transactions increased 165% in July, which is an acceleration from the second quarter where the Company reported 148% year-over-year transaction growth. These partnerships are expected to further support this strong growth.
- MoneyGram is a global leader in cross-border P2P payments and money transfers. Its consumer-centric capabilities enable family and friends to quickly and affordably send money in more than 200 countries and territories, with over 70 countries now digitally enabled.
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