MFS Africa, an African cross-border payments firm, has partnered with global money transfer startup PaySii to help facilitate remittances in Africa.
The partnership with MFS Africa will enable PaySii to extend its services to customers who want to send money to mobile wallets in Nigeria, Ghana, Uganda, Cameroon, Rwanda, Ethiopia, Côte d’Ivoire, Zambia, Madagascar, Malawi, Congo, Niger, and Benin.
MFS Africa is the most interconnected payments platform in Africa and operates the largest digital payments hub on the continent, connecting to over 200m mobile wallets across 35 African countries.
It offers its partners an unparalleled reach for scale across the continent. Money transfer companies can leverage the ubiquity of mobile wallets as a safe, convenient, and cost-effective transaction channel. MFS Africa works in close partnership with players across the ecosystem to bring simple and secure mobile financial services to customers without formal bank accounts.
Julie Neogy, Chief Commercial Officer at MFS Africa, commented on the partnership: “We are excited to partner with PaySii, who offer fast, secure and transparently priced money transfer services to the continent and beyond. Through this partnership, we are not only connecting our network and Africa to the wider world, but we also further our mission to lower the cost of digital payments.”
PaySii is a digital remittance platform known for its ultra-competitive rates and instant mobile-to-mobile money transfers.
According to the World Bank, at an average cost of 9 percent in fees, Africa is the most expensive region to send money to in the world.
Yet the remittances market has huge promise – in 2018, $ 40 billion was sent to sub-Saharan Africa. PaySii aims to reduce the costs associated with these transfers by making remittances easier – helping migrant communities around the globe send money to their loved ones with ease.
Adil Dirie, Regional Manager at PaySii, said: “We are delighted to be partnering with MFS Africa, which has developed one of the largest footprints in the continent with access to all the major financial institutions. This partnership will help us serve our customers even further afield.”
The partnership will facilitate the money transfers into mobile wallets operated by the likes of MTN, Airtel, Paga, Vodafone, and Orange, which are operating in the new countries being served by PaySii.