MFS Africa Announces Global Partnership with Vodafone
MFS Africa is proud to announce the signature of a group framework agreement with Vodafone, expanding the partnership between the multinational mobile operator and the pan-African fintech firm globally. As the largest aggregator of mobile wallets in Africa, MFS Africa connects mobile wallet customers across networks and countries in sub-Saharan Africa, enabling convenient and affordable international money transfer to anyone with a mobile phone.
MFS Africa was selected as the integrating partner for Vodafone’s interconnections to MTN operations in East Africa in April of this year, already enabling transfers between Kenya and Rwanda.
Under the group framework agreement, the partnership between MFS Africa and Vodafone Group will expand, following local implementation, to cover the network’s other relevant operations globally. The MFS Africa Hub already reaches over 65 million mobile wallet users across Africa through partnerships with other mobile money operators and mobile networks. The Hub is also integrated to a growing number of global money transfer companies, allowing diaspora senders to transfer money to any connected mobile wallet.
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%. “Our ambition is to reduce intra-African remittance costs to a single-digit percentage,” said Dare Okoudjou, founder and CEO of MFS Africa, “and this agreement marks a significant step towards that goal.”
“We are thrilled to offer M-Pesa users across Africa the ability to send and receive money from other countries and networks,” said Michael Joseph, Director of Mobile Money at Vodafone Group, adding, “MFS Africa brings simplicity, execution speed, and above all technical know-how to the otherwise difficult process of enabling cross-border remittances.”
“We are very pleased to widen our partnership with Vodafone, and to work with them across their footprint to bring low-cost, convenient mobile remittance services to M-Pesa users,” continued Mr. Okoudjou. “M-Pesa represents in many ways the gold standard in mobile money, and we are especially proud to partner with Vodafone and its group companies for international transfers to and from M-Pesa accounts.”
Vodafone is one of the world’s largest telecommunications companies and provides a range of services including voice, messaging, data and fixed communications. Vodafone has mobile operations in 26 countries, partners with mobile networks in 57 more, and fixed broadband operations in 17 markets. As of 30 September 2015, Vodafone had 454 million mobile customers and 12.5 million fixed broadband customers. For more information, please visit: www.vodafone.com.
Contact: Vodafone Group Media Relations www.vodafone.com/media/contact
The M-Pesa service was launched in March 2007 by Safaricom Limited in Kenya. It enables millions of people who have access to a mobile phone, but do not have access to a bank account, to send and receive money, top-up airtime, make bill payments and enjoy a range of other services.
M-Pesa had approximately 23.4 million active customers as at 30 September 2015 and approximately 244,000 agents worldwide. It is available in eleven markets: Kenya, Tanzania, South Africa, Democratic Republic of Congo, India, Mozambique, Egypt, Lesotho, Ghana, Albania and Romania.
About MFS Africa - MFS Africa is a pan-African fintech company that develops innovative solutions that add functionality and value to mobile wallets. The company 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 65 million mobile wallet customers in sub-Saharan Africa. The MFS Africa Hub also connects money transfer organizations (MTOs) to mobile wallets in Africa, allowing MTOs to take advantage of the growing popularity of mobile wallets as safe, convenient, compliant, and cost effective delivery channel for international remittances. For more information visit www.mfsafrica.com.
Contact: Rachel Balsham, Deputy CEO – firstname.lastname@example.org