MFS Africa, a leading pan-African fintech company led by Beninese tech tycoon Dare Okoudjou, has teamed up with Western Union to provide a convenient means for individuals and businesses across the continent to receive money from more than 200 countries and territories.
This partnership with Western Union, a multinational financial services corporation led by McGranahan, will enable the transfer of funds from various countries worldwide to mobile wallets across Africa via the firm’s authorized payment channels.
As per the new agreement, MFS Africa will initially introduce its latest service in Madagascar and subsequently in other countries throughout the continent, aiming to offer customers, businesses, and global development organizations worldwide hassle-free payout alternatives in Africa.
Kumar Shourav, managing director of MTOs at MFS Africa, commented that such a collaboration is unparalleled in the industry and has enormous potential to yield long-term benefits, value, and impact.
He added that Africa’s rapidly expanding populations and markets offer significant opportunities for individuals and businesses in a global growth-deceleration context.
MFS Africa, having amassed over a decade of experience navigating the challenging African payment landscape, is poised to capitalize on these opportunities.
The company’s unparalleled direct ties with mobile wallet providers, banks, cash pick-up networks, and regulators across the continent make it unique in the industry.
Additionally, its recent collaboration with Western Union positions it exceptionally well to revolutionize payment systems in the region, elevating them to unprecedented levels.
MFS Africa, a pioneering pan-African fintech firm, manages the most extensive digital payments hub on the continent.
The platform leverages software intermediation to enable interaction and payment between mobile network operators throughout Africa.
Beninese tech tycoon Dare Okoudjou founded the pan-African fintech firm in 2009.
Under his guidance, the company has expanded its reach to connect over 400 million mobile wallets in 35 African nations.
In June 2022, MFS Africa raised an additional $100 million in equity and debt funding, led by Admaius Capital Partners, as part of its efforts to expedite its expansion plans across Africa.
This latest injection of capital brings the total amount raised during its Series-C funding rounds to $200 million.
