MFS Africa’s xP2P Hub Wins Kalahari Award for Best Digital Financial Service

MFS Africa is proud to announce its success in winning the 2015 Kalahari Award for Best Digital Financial Service at the Mobile Money Expo. The honour was awarded for the MFS Africa Hub, the company’s innovative solution to bring mobile simplicity to intra-African remittances.

As the largest mobile aggregator in Africa, MFS Africa already connects over 40 million mobile wallet users to its Hub, and is integrating new networks and partners every day. The Hub connects mobile money operators to enable cross-border & cross-network person-to-person transactions across Africa. The Hub also connects to traditional money transfer companies within and outside of Africa, so senders in the diaspora as well as across Africa can send money to mobile wallet users.

The Kalahari Awards are granted to organisations within the digital financial landscape that are making significant change in people’s lives. For years, MFS Africa has prided itself in providing simple and relevant mobile financial services targeting and meeting the needs of unbanked and underserved markets. Now the mobile technology firm is disrupting remittances by offering an affordable, secure alternative to traditional methods of sending and receiving money.

Customers access the xP2P service via USSD menu, functional on feature phones and smartphones alike. The sending customer enters the recipient’s phone number and amount to be sent in his or her local currency, and sees the amount the beneficiary will receive in the destination currency before confirming the transaction. The money is deducted from the sender’s mobile wallet and credited immediately to the recipient’s – whether on MTN, Orange, Airtel, or M-Pesa.

“The average cost of intra-African remittances is 20% of the value transferred – compared to a global average of 8%. Through the xP2P Hub, MFS Africa is committed to reducing this cost to a single digit percentage within Africa,” said Dare Okoudjou, founder and CEO of MFS Africa.

In April, MFS Africa announced its partnership with Vodacom and MTN Group to connect M-Pesa and MTN Mobile Money throughout East Africa. The company’s first commercially launched corridor, linking MTN Benin to MTN Cote d’Ivoire, was a tremendous success, capturing over 20% of the total market of monthly remittances within the first six months.

Mobile Money Expo brings together top executives from mobile network operators, and key players in the financial services and technology industries.

 Visit: www.mfsafrica.com