Visa and MFS Africa Bring Digital Payments to More Consumers and Businesses across Africa

Visa and MFS Africa Bring Digital Payments to More Consumers and Businesses across Africa
11.12.2019 10:59 am

Visa and MFS Africa Bring Digital Payments to More Consumers and Businesses across Africa

Payments

Visa (NYSE: V) and the pan-African fintech leader MFS Africa today announced a partnership that will help bridge the gap between the rapidly growing mobile money ecosystem in Africa and the world of online digital payments, significantly expanding Visa’s reach and its ability to open up ecommerce to the region.

Mobile money wallets are already prevalent across Africa, but without a virtual or physical network credential associated with them, many international online services are unavailable to users. To help solve this problem, MFS Africa – Africa’s largest digital payments hub, connecting through one API more than 180 million mobile wallets on the continent – will distribute Visa payment credentials across multiple markets in Africa.  This will allow mobile money users connected to the MFS platform to generate an instant Visa virtual card with a 16-digit number and link it to their mobile money accounts to use for remittances and ecommerce transactions. 

MFS Africa will also integrate Visa’s real-time[1] push payments solution Visa Direct, to provide mobile money users on the MFS Africa platform a fast, convenient and secure way to send and receive money and remittances directly from/into their mobile money wallets via eligible card credentials.  According to the World Bank, remittances to Sub-Saharan Africa are set to increase by over 5.6% between 2019 and 2020, reaching $51 billion. However, the region is still the most expensive in the world to send money to, with an average cost of 9.3 percent[2].

“In the past few years, we have been relentlessly focused on creating new digital pathways between mobile money users in Africa. Having reached significant scale, we are now turning our focus to connecting our network to the wider world, to unleash the wealth of opportunity that trade with Africa presents to the global economy,” said Dare Okoudjou, founder and CEO of MFS Africa. “We have found in Visa an invaluable partner to support us in the next stage of our expansion. The reach of the Visa network is unparalleled, and we look forward to working with Visa to realise our vision of a world in which no one is limited in what they can achieve when it comes to payments.”

“Africa is adopting a mobile-led, digital payments ecosystem and with Visa looking to accelerate the distribution of payment credentials and expand the acceptance space for digital payments, this partnership is an important one,” said Jack Forestell, Executive Vice President, Chief Product Officer, Visa. “MFS Africa will help us enable digital payment use cases at scale through their aggregation model.”

 

Related News

Computop and Eckoh Partner to Provide Retailers with Enhanced Security for Card-Not-Present Payments

Computop, a leading global payment processor, and Eckoh (AIM... Read more »

BlueSnap Appears on the Inc. 5000 List Following Three-year Revenue Growth of 260 Percent

Inc. magazine today revealed that BlueSnap is No. 1648 on its annual Inc. 5000 list, the most prestigious ranking of the nation’s fastest-... Read more »

Standard Chartered and Airtel Africa Partner to Drive Financial Inclusion Across Africa

Standard Chartered Bank (www.SC.com) and Airtel Africa have today... Read more »

Barclaycard Launches New Service to Redefine Supply Chain Payments for Businesses

Barclaycard has launched Barclaycard Payment Intelligence (BPI), a new service which uses in-depth data analytics to provide... Read more »

AscendantFX Introduces Payment Tracking Through SWIFT gpi

AscendantFX Capital announced today that they have become members of the SWIFT network, and more specifically the Global Payment Initiative (gpi). Ascendant... Read more »

Mondia Pay Becomes Popular Digital Payment Solution for African Telcos

Mondia Pay, Mondia’s (www.Mondia.com) digital payment entity, announced that it recently... 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