Digital money transfer service MoneyGram (NASDAQ: MGI) announced on Monday new four mobile wallet and fintech partnerships that give the company access to mobile wallets in 28 markets in Africa. The company reported that the new partnerships are with Airtel, Thunes, InTouch and MFS Africa.
While sharing more details about the expansion into Africa, Grant Lines, MoneyGram Chief Revenue Officer, stated:
“Africa is seeing significant growth in mobile money adoption across the continent, and we’re excited to partner with Airtel, Thunes, InTouch and MFS Africa to further support our collective goals to mobilize the movement of money. We continue to execute our plan to overhaul major receive markets, and I look forward to building upon our strong momentum in Africa through these new partnerships.”
Kamila Chytil, MoneyGram Chief Operating Officer and leader of MoneyGram’s digital business, also revealed:
“Our digital business has seen amazing growth over the past several years, and these new partnerships are important milestones as we execute our strategy to accelerate digital growth by expanding access to mobile wallet capabilities. Customer demand for mobile wallets has increased significantly over the last few years and with the onset of the global pandemic, the launch of these strategic partnerships is more important than ever.”
As previously reported, MoneyGram describes itself as a global provider of innovative money transfer services and is recognized worldwide as a financial connection to friends and family. The company offers person-to-person money transfer and payment services in more than 200 countries and territories through a global network of approximately 350,000 locations, working with retailers, international post offices, and banks.
MoneyGram also recently reported that its global account deposit and mobile wallet transactions increased 165% in July, which is an acceleration from the second quarter where the Company reported 148% year-over-year transaction growth. The new collaborations are expected to further support this strong growth.