MFS Africa has announced a group framework agreement with Vodafone, expanding the partnership between the multinational mobile operator and the pan-African Fintech firm globally.
As the largest aggregator of mobile wallets in Africa, MFS Africa connects mobile wallet customers across networks and countries in sub-Saharan Africa, enabling convenient and affordable international money transfer to anyone with a mobile phone.
MFS Africa was selected as the integrating partner for Vodafone’s interconnections to MTN operations in East Africa in April of this year, enabling transfers between Kenya and Rwanda.
Under the group framework agreement, the partnership between MFS Africa and Vodafone Group will expand, following local implementation, to cover the network’s other relevant operations globally. The MFS Africa Hub already reaches over 65 million mobile wallet users across Africa through partnerships with other mobile money operators and mobile networks. The Hub is also integrated to a growing number of global money transfer companies, allowing diaspora senders to transfer money to any connected mobile wallet.
Money transfers to and within Africa are among the most expensive in the world. The World Bank reports that while the global average cost of international money transfer is 8% of face value, transfers to Africa cost on average 12% and transfers between African countries cost on average 20%. “Our ambition is to reduce intra-African remittance costs to a single-digit percentage,” said Dare Okoudjou, founder and CEO of MFS Africa, “and this agreement marks a significant step towards that goal.”
“We are thrilled to offer M-Pesa users across Africa the ability to send and receive money from other countries and networks,” said Michael Joseph, Director of Mobile Money at Vodafone Group, adding, “MFS Africa brings simplicity, execution speed, and above all technical know-how to the otherwise difficult process of enabling cross-border remittances.”