MFS Africa has revealed that it now has over 320 million mobile money wallets, allowing banks, telcos, money transfer providers, and other financial institutions in Africa to interoperate at scale through a single integration stage.
According to the GSMA’s 2021 State of the Industry study on Mobile Money, the firm is responsible for 60 percent of all mobile money wallets in Sub-Saharan Africa.
One of the 12 major highlights for the industry this year was MFS Africa’s partnership with Xoom, a PayPal service, which connects the diaspora in the UK, US, Canada, and Europe to mobile wallets in Cameroon, Ghana, Rwanda, Uganda, Zambia, and Zimbabwe through the MFS Africa Hub.
Xoom has expanded its services to Cote d’Ivoire, Madagascar, Malawi, and Mozambique since their launch in December.
“In 2010, MFS Africa bet that mobile money accounts will be the most dominant type of financial accounts in Africa and emerging markets at large,” said Dare Okoudjou, CEO and founder of MFS Africa.
Any remaining concerns have now been dispelled thanks to the GSMA’s latest figures. We also bet that, as a result of our efforts, these accounts will be able to share value with each other and with the rest of the world, just like we do with cell phones.
We are now able to make it a possibility for over 320 million African accounts. This means that a Liberian tech business can now enter a market 64 times greater than its home market, showing the positive economic effect that modern financial pathways can have.”
MFS Africa’s payments network links a number of companies and institutions across Africa, opening up new networks for mobile money payments and financial services.
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