MFS Africa Drives Cheaper African Remittances with PaySii

MFS Africa Drives Cheaper African Remittances with PaySii
01.09.2020 02:33 pm

MFS Africa Drives Cheaper African Remittances with PaySii

Payments , Money Transfers

Pan-African cross-border payments leader MFS Africa has today announced its partnership with global money transfer start-up PaySii to help facilitate remittances in Africa. The partnership with MFS Africa will enable PaySii to extend its services to customers who want to send money to mobile wallets in Nigeria, Ghana, Uganda, Cameroon, Rwanda, Ethiopia, Côte d'Ivoire, Zambia, Madagascar, Malawi, Congo, Niger and Benin.

MFS Africa is the most interconnected payments platform in Africa and operates the largest digital payments hub on the continent, connecting to over 200m mobile wallets across 35 African countries. It offers its partners unparalleled reach for scale across the continent. Money transfer companies can leverage the ubiquity of mobile wallets as a safe, convenient, and cost-effective transaction channel. MFS Africa works in close partnership with players across the ecosystem to bring simple and secure mobile financial services to customers without formal bank accounts. 

Julie Neogy, Chief Commercial Officer at MFS Africa, commented on the partnership: "We are excited to partner with PaySii, who offer fast, secure and transparently priced money transfer services to the continent and beyond. Through this partnership, we are not only connecting our network and Africa to the wider world, but we also further our mission to lower the cost of digital payments."

PaySii is a digital remittance platform known for its ultra-competitive rates and instant mobile-to-mobile money transfers. According to the World Bank, at an average cost of 9% in fees, Africa is the most expensive region to send money to in the world. Yet the remittances market has huge promise - in 2018, USD 40 billion was sent to sub-Saharan Africa. PaySii aims to reduce the costs associated with these transfers by making remittances easier - helping migrant communities around the globe send money to their loved ones with ease.

Adil Dirie, Regional Manager at PaySii, said: “We are delighted to be partnering with MFS Africa, which has developed one of the largest footprints in the continent with access to all the major financial institutions. This partnership will help us serve our customers even further afield.”

The partnership will facilitate the money transfers into mobile wallets operated by the likes of MTN, Airtel, Paga, Vodafone and Orange, which are operating in the new countries being served by PaySii.

Related News

SWIFT Announces a New Strategy for Instant, Frictionless Payments and Securities Processing

SWIFT announces that over the next two years and beyond it will fundamentally transform payments and securities processing, retooling cross-border... Read more »

EBANX and Amazon Announce Partnership in Colombia During the Latin America Summit

EBANX and Amazon announced a partnership in Colombia this Thursday, September 17, 2020, at the chapter one of the... Read more »

Openpay Makes Marquee Signing with Fulham Football Club

Openpay, the UK’s latest next-generation, interest-free payment solution, has announced Fulham Football Club as the latest addition to its... Read more »

MeaWallet Introduces New SoftPos Solution MeaPay to Enable Contactless Payments

Accepting contactless payment can be a headache for any small business, store, or independent worker who must buy or lease expensive and cumbersome payment hardware. MeaPay... Read more »

Number of Month-on-Month Mobile Money Transactions Increase in Somalia Despite COVID-19 Pandemic

Somalia’s largest private employer and leading telecommunications operator, Hormuud Telecoms, has announced that the numberof month-on-month mobile money... Read more »

MYPINPAD Partners with EVO Payments for VISA Tap to Phone Technology

MYPINPADthe global leader in secure personal authentication... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel