MFS Africa partners Western Union to broaden financial inclusion
Paytech MFS Africa has partnered with Western Union to enable individuals and businesses across the continent to receive money from more than 200 countries and territories.
The service, which is set to launch in Madagascar, will see funds from around the world move through payment rails operated by MFS Africa, the continent’s largest payment gateway.
MFS Africa’s digital payments network connects more than 400 million mobile money wallets, more than 200 million bank accounts across Africa, and more than 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.
Kumar Shourav, managing director at MFS Africa, says: “Africa’s fast-growing populations and markets present important opportunities for businesses and individuals in an environment of slowing global growth.”
Shourav adds that the Western Union partnership will provide customers, businesses and Global Development Organisations “convenient” payout options across Africa, fostering integration between the continent and the rest of the world, as well as broadening financial inclusion within Africa.
Mohamed Touhami El Ouazzani, regional vice president of Africa, Western Union, says: “We are deeply committed to the region and remain focused on advancing cross-border money movement solutions for the people in this region, their communities as well as the broader economy.”
Last summer, MFS Africa bagged an extra $100 million in equity and debt funding led by Admaius Capital Partners, extending its Series C round to $200 million.