Pan-African fintech MFS Africa announced on Monday it now reaches more than 320 million mobile money wallets and notably enables a range of banks, telcos, money transfer operators, and other financial institutions in Africa through a single integration point.
Founded in 2010, MFS Africa describes itself as a pan-African fintech company that develops innovative value-added services for mobile wallets. The company reported it works in close partnership with mobile network operators and financial institutions to bring simple and relevant financial services to un- and under-banked customers.
“MFS Africa currently connects over 200 million mobile wallet customers in sub-Saharan Africa. The MFS Hub also connects money transfer operators, banks, and merchants to mobile wallets in Africa, allowing these partners to take advantage of the growing popularity of mobile wallets as safe, convenient, compliant, and cost-effective delivery channel for international remittances.”
Speaking about the milestone, Dare Okoudjou, CEO and founder of MFS Africa, stated:
“We are now in a position to make that a reality for over 320 million accounts in Africa. This means that a tech company in Liberia can now gun for a market 64x the size of its home market – underlining the positive economic impact that creating new financial pathways can create.”
MFS Africa added its partnership with Xoom, a PayPal service, 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.