MFS Africa connects 120mn mobile wallets in Africa

mobile money WAYHOME studioMFS Africa announced that its MFS Hub is now connected to 120mn mobile wallets in sub-Saharan AfricaMFS Africa announced that its MFS Hub is now connected to 120mn mobile wallets in sub-Saharan Africa

Through partnerships with mobile network operators including Airtel, Econet, MTN, Orange, Tigo and Vodafone, MFS Africa now has unmatched reach into mobile wallets across the continent. The MFS Hub hosts transactions across networks and borders to create greater value for customers and service providers, support regional and international trade, and boost financial inclusion.

There are mobile money services available in nearly every market in sub-Saharan Africa, with 33 markets featuring two or more networks. However, the majority are confined to a domestic market with almost no interoperability between networks in either a single country or across borders.

Money transfer operators face greater difficulties in lowering distribution costs and allowing consumers to make international transactions to and from wallets. Financial institutions seeking to offer services ranging from airtime top-ups to micro-insurance, and merchants who want to allow consumers to pay using their mobile wallet, need to integrate with each mobile money network.

This severely inhibits the potential of financial services providers to drive efficiencies, contribute to economic growth and include those currently financially excluded.

The MFS Hub allows these service providers to facilitate transactions across networks, across national borders and across currencies via a single API. Operators, banks and money transfer organisations can provide customers with more flexible payment options, increasing the speed and volume of electronic money in the ecosystem. Merchants can dramatically improve the reach and user experience of e-commerce and m-commerce services, and regulators are likely to see more cash drawn into formal financial systems.

More on the project can be found here.

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