WorldRemit, a global Digital money transfer platform has partnered with MFS Africa — Africa’s digital payment hub, in a bid to launch peer-to-peer mobile money service across five African countries. Through this launch, WordRemits ‘mobile-first’ service will be accessible via Airtel in Malawi and Niger; Orange in Madagascar; Vodacom in Mozambique; and MTN in Guinea.
Mobile-first is a digital service that helps WorldRemit customers save time and money. It does this through a model that allows customers to send money through the comfort of their home, without visiting an agent. Clients in diaspora across the 50 countries where WorldRemit is present will be able to transfer money instantly to users across the five countries.
See also: Kenya’s Sokowatch Expands to Rwanda and Uganda
The World Bank revealed that transfers to the Sub-Saharan Africa region grew by 9.6% from 2017 to 2018, amounting to $46 billion. Even with the growth, the region remains the most expensive region to send money to, with an average cost of 9.3% per transaction.
Dare Okoudjou, Founder and CEO of MFS Africa, said they aim to subsidize costs of remittances into and within Africa through technology and mobile money. He said they are thrilled to be a partner in WorldRemit’s expansion strategy.
MFS Africa is Africa’s largest digital payments hub. It connects about 180 million mobile wallets in Africa. They leverage a single API, to connect mobile wallet systems, banks, money transfer operators, and merchants. This helps in powering real-time, cross-border and cross-network transactions.