MFS Africa & Airtel Malawi Launch Mobile Remittance Service
MFS Africa and Airtel Malawi are proud to announce the launch of mobile money remittances from South Africa and beyond to Airtel Money customers in Malawi. MFS Africa is the largest and fastest-growing mobile money aggregator in Africa, connecting over 65 million mobile wallet users through its partnerships with Airtel Africa and other African telecoms leaders. Airtel is the third largest telecoms operator in the world offering telecom solutions in Asia and Africa.
MFS Africa runs an inter-operability payments hub that connects mobile wallet systems in Africa and beyond to enable cross-border, cross-currency, cross-network transactions. Any of the more than 65 million connected wallet users can send money to an Airtel Money user in Malawi through a simple mobile wallet menu. The Hub also connects to a growing number of money transfer companies, offering them the ability to send transactions – whether from the counter or an online service – to Airtel Money wallets in Malawi.
According to the World Bank, Malawi receives approximately $30M annually in remittances, through both formal and informal channels. Formal channels such as banks and traditional money transfer companies can take days and charge exorbitant fees, while informal money traders and couriers carry high levels of risk and uncertainty. As such, current costs of transfers to Africa average 12%, and transfers between African countries cost on average 20% - compared to a global average of 8%. In contrast, transfers through mobile money are instantaneous, secure, traceable, and dramatically cheaper.
“We are very pleased to offer low-cost remittance services to Airtel Money customers in Malawi” said Francis Matseketsa, Country Director for Airtel Money in Malawi. “Our customers will now be able to receive money from friends and loved ones across Africa and all over the world. They can then use those funds at any of our hundreds of merchants who accept Airtel Money, or cash out at any of the more than 8,000 Airtel Money Agents across the country. “With MFS Africa, we have just began an exciting journey of providing affordable international money transfers beginning with the South African corridor," added Matseketsa.
“Airtel Money is a leader in the mobile payments space across Africa, and we are excited about extending mobile remittance services across their entire footprint,” said Sharon Welang, General Manager for Global Accounts at MFS Africa. “We are especially proud to offer mobile convenience and accessibility to the South African money transfer industry, starting with the corridor to Malawi.”
Source: Mobile Money Africa 13 November 2015