MFS Africa and Wari Announce Partnership for Digital Money Transfer in Africa
Dakar & Port-Louis, July 12th 2016 – Pan-African Fintech Company MFS Africa and Wari announced that Wari is the latest partner to join MFS Africa's remittance and payments hub.
Wari’s services are available in more than 60 countries with over 500,000 sending locations and at over approved 45,000 locations across Africa. Connecting Wari’s platforms to the MFS Africa Hub allows Wari users to send money directly to any mobile wallets on the MFS Africa Hub; reciprocally, mobile wallet users on the MFS Africa network are now able to generate a “Wari Code” that is used by Wari users to receive cash at approved locations or to pay any Wari service.
“Wari is a household name in the African money transfer universe, especially in West Africa”, said Dare Okoudjou, founder and CEO of MFS Africa. “Adding Wari to our Hub expands our reach in key markets and gives customers even more options to send money to friends, family, and business associates across the continent at affordable rate and to have access to many more financial services.”
Money transfers to and within Africa are among the most expensive in the world. The World Bank reports that while the global average cost of international money transfer is 8% of face value, transfers to Africa cost on average 12% and transfers between African countries cost on average 20%.
Every year, over $5 billion is sent in remittances, over formal and informal channels to and among countries within Wari’s footprint. Formal channels, including traditional money transfer companies and banks, which can carry exorbitant fees, while informal channels such as informal money traders, taxis, and couriers carry high levels of risk and uncertainty.
MFS Africa is the largest aggregator of mobile wallets in Africa, currently connecting over 100 million wallets through its partnerships with leading mobile money operators, such as Vodafone, MTN and Airtel.
Wari is the leader in West Africa region with more than $5 billion dollars receive on its platform in 2015 and the largest network across Africa with 40 countries connected, 107 banks and more than 100 MFI partners offering Wari services. Millions use Wari services every day.
“This is really the joining of two African giants,” said Kabirou Mbodje, founder and CEO of Wari, “We are thrilled to extend our reach to over 100 million of mobile wallets users across Africa through our partnership with MFS Africa. We look forward to working together with them to make money transfer within Africa even simpler, faster and cheaper.”
Source: Press Release