Visa and MFS Africa Bring Digital Payments to More Consumers and Businesses Across Africa
11 Décembre 2019 - 1:00PM
Business Wire
Leading pan-African fintech platform extends
Visa payment solutions and credentials to simplify remittances and
expand global e-commerce across 15+ African countries
Visa (NYSE: V) and the pan-African fintech leader MFS Africa
today announced a partnership that will help bridge the gap between
the rapidly growing mobile money ecosystem in Africa and the world
of online digital payments, significantly expanding Visa’s reach
and its ability to open up commerce to the region.
Mobile money wallets are already prevalent across Africa, but
without a virtual or physical network credential associated with
them, many international online services are unavailable to users.
To help solve this problem, MFS Africa – Africa’s largest digital
payments hub, connecting through one API more than 180 million
mobile wallets on the continent – will distribute Visa payment
credentials across multiple markets in Africa. This will allow
mobile money users connected to the MFS Africa platform to generate
an instant Visa virtual card with a 16-digit number and link it to
their mobile money accounts to use for remittances and ecommerce
transactions.
MFS Africa will also integrate Visa’s real-time1 push payments
solution Visa Direct, to provide mobile money users on the MFS
Africa platform a fast, convenient and secure way to send and
receive money and remittances directly from/into their mobile money
wallets via eligible card credentials. According to the World Bank,
remittances to Sub-Saharan Africa are set to increase by over 5.6%
between 2019 and 2020, reaching $51 billion. However, the region is
still the most expensive in the world to send money to, with an
average cost of 9.3 percent2.
“In the past few years, we have been relentlessly focused on
creating new digital pathways between mobile money users in Africa.
Having reached significant scale, we are now turning our focus to
connecting our network to the wider world, to unleash the wealth of
opportunity that trade with Africa presents to the global economy,”
said Dare Okoudjou, founder and CEO, MFS Africa. “We have found in
Visa an invaluable partner to support us in the next stage of our
expansion. The reach of the Visa network is unparalleled, and we
look forward to working with Visa to realise our vision of a world
in which no one is limited in what they can achieve when it comes
to payments.”
“Africa is adopting a mobile-led, digital payments ecosystem and
with Visa looking to accelerate the distribution of payment
credentials and expand the acceptance space for digital payments,
this partnership is an important one,” said Jack Forestell,
Executive Vice President, Chief Product Officer, Visa. “MFS Africa
will help us enable digital payment use cases at scale through
their aggregation model.”
About MFS Africa
MFS Africa is a leading Pan-African fintech company, operating
the largest digital payments hub on the continent. Connected to
over 180 million mobile wallets in Sub-Saharan Africa, MFS Africa
offers its partners unparalleled reach for scale across the
continent. We allow merchants, banks, mobile operators and money
transfer companies to 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 un- and
under-banked customers. For millions of customers in Africa and
beyond, we make borders matter less.
Find out more at www.mfsafrica.com
About Visa Inc.
Visa is the world’s leader in digital payments. Our mission is
to connect the world through the most innovative, reliable and
secure payment network – enabling individuals, businesses and
economies to thrive. Our advanced global processing network,
VisaNet, provides secure and reliable payments around the world,
and is capable of handling more than 65,000 transaction messages a
second. The company’s relentless focus on innovation is a catalyst
for the rapid growth of connected commerce on any device. As the
world moves from analogue to digital, Visa is applying our brand,
products, people, network and scale to reshape the future of
commerce. For more information visit usa.visa.com/about-visa.html,
usa.visa.com/visa-everywhere/blog.html and @VisaNews.
1 Actual fund availability depends on receiving financial
institution and region. Visa requires fast-funds enabled issuers to
make funds available to their recipient cardholders within a
maximum of 30 minutes of approving the transaction. Please refer to
your Visa representative and the Visa Direct Original Credit
Transaction Global Implementation Guide for more information.
2 World Bank Group, Migration and Remittances: Recent
Developments and Outlook report, April 2019.
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version on businesswire.com: https://www.businesswire.com/news/home/20191211005218/en/
Visa Inc. Caylah Novak cnovak@visa.com
MFS Africa Rachel Balsham rbalsham@mfsafrica.com
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