MoneyGram International, Inc., a cross-border P2P payments and money transfers provider, announced four mobile wallet and fintech partnerships that give the company access to mobile wallets in 28 markets in Africa. As mobile money adoption rapidly grows in Africa, these new partnerships with Airtel, Thunes, InTouch and MFS Africa will help drive strong digital growth as the company continues to execute its customer-centric digital transformation.
Services at Thunes and InTouch begin as early as this week, while the partnerships with Airtel and MFS Africa will go live in the next few months.
"Our digital business has seen amazing growth over the past several years, and these new partnerships are important milestones as we execute our strategy to accelerate digital growth by expanding access to mobile wallet capabilities," said Kamila Chytil, MoneyGram Chief Operating Officer and leader of the company's digital business. "Customer demand for mobile wallets has increased significantly over the last few years and with the onset of the global pandemic, the launch of these strategic partnerships is more important than ever."
According to the GSMA's 2019 State of the Industry Report on Mobile Money, the mobile money industry is recording astonishing growth with roughly $730 billion global transactions in 2019. The organisation reports Africa as one of the fastest growing mobile money transaction continents in the world with an estimated 190 million active wallets.
"Africa is seeing significant growth in mobile money adoption across the continent, and we're excited to partner with Airtel, Thunes, InTouch and MFS Africa to further support our collective goals to mobilise the movement of money," said Grant Lines, MoneyGram Chief Revenue Officer. "We continue to execute our plan to overhaul major receive markets, and I look forward to building upon our strong momentum in Africa through these new partnerships."
MoneyGram recently reported that its global account deposit and mobile wallet transactions increased 165% in July, which is an acceleration from the second quarter where the Company reported 148% year-over-year transaction growth. These partnerships are expected to further support this strong growth.
Re-disseminated by The Asian Banker