MFS Africa and Visa driving improved access to digital payments
Fintech leaders in the African region has announced its latest partners with Visa to bridge the digital payments gap.
The mobile money ecosystem is rapidly growing in the African region MFS Africa and Visa have joined forces to bridge the gap between this ecosystem and the world of online digital payment. Currently in Africa mobile money wallets are widespread within the region, however without a virtual and/or physical network credential associated with them international online services are unavailable to users.
How is Visa and MFS Africa solving this problem?
To solve this, MFS Africa - the region’s largest digital payments hub that connects 180mn mobile wallets through one API - will allow its platform users to generate instant Virtual Visa card. In addition, MFS Africa will integrate Visa’s real-time push payments solution into its platform to provide a fast, convenient and secure way to send and receive money and remittance.
African payment landscape in figures:
By 2020, remittance to Sub-Saharan Africa is set to increase by over 5.6%, reaching US$51bn.
It cost an average of 9.3% to send money to the African region - the most expensive in the world.
“In the past few years, we have been relentlessly focused on creating new digital pathways between mobile money users in Africa. Having reached significant scale, we are now turning our focus to connecting our network to the wider world, to unleash the wealth of opportunity that trade with Africa presents to the global economy,” said Dare Okoudjou, founder and CEO of MFS Africa. “We have found in Visa an invaluable partner to support us in the next stage of our expansion. The reach of the Visa network is unparalleled, and we look forward to working with Visa to realise our vision of a world in which no one is limited in what they can achieve when it comes to payments.”
For more information on business topics in the Middle East and Africa, please take a look at the latest edition of Business Chief MEA.
- Interview: Manuel Sandhofer, SVP and GM Europe at NiumLeadership & Strategy
- MENA Fintech Association builds on booming Africa marketsTechnology
- Exclusive: Nameer Khan, Chairman of MENA Fintech AssociationLeadership & Strategy
- Top 10 startups to watch in 2023: Middle East & North AfricaLeadership & Strategy