MFS Africa, a Pan African Fintech pioneer just announced that it has reached over 320 million mobile money wallets in Africa. Through a single integration point, MFS is combining millions of mobile money wallets, a large range of banks, telco, money transfer operators, and other financial institutions to operate effectively.
Thus, this company is one to be reckoned with, because the GSMA 2021 reports now reveal that it is the number one integration point for mobile money transfer on the continent because it covers over 60 percent of all mobile money wallets in these parts.
The company has a good partnership with other organizations such as PayPal, Xoom to make its operations easier. PayPal is a service that connects the diaspora in places like Europe, the USA, and Canada. MFS, along with Xoom and PayPal make it easy for money transfer to occur in those parts of the world with African countries such as Cameroon, Ghana, Rwanda, Uganda, Zambia, and Zimbabwe.
It works seamlessly through the MFS Africa Hub, as mentioned in the 12 key highlights for the industry report in 2022. The services are relatively new, and since December 2021, Xoom has added new countries to the list. These are Cote d’Ivoire, Madagascar, Malawi, and Mozambique.
The latest achievement of MFS was praised by the CEO and Co-Founder of the business, Dare Okoudjou. He said that in 2010, MFS took a bet that mobile money accounts would be the most dominant form of financial accounts in Africa and emerging markets at large.
That is happening now. The numbers are thrown forward by GSMA to help support Okoudjou’s claim. The business leader also said that his organization had promised that through its operations, these accounts will be able to exchange with each other and with the rest of the world, as people communicate through mobile phones.