A recently announced deal will see Airtel Africa’s mobile money operations integrated with Finablr’s technology platform and global network to facilitate seamless inward and outbound cross-border payments.
Airtel Africa is a leading telecommunications service provider. Finablr is a global platform for payments and foreign exchange solutions.
The arrangement will allow customers to leverage Finablr’s global network to send money from over 100 countries into Airtel Money mobile wallets across Africa, in what is described as a convenient, secure and cost-effective manner. Additionally, Airtel Africa will leverage Finablr’s technology capabilities to develop and deploy digital solutions, enabling African expatriates to settle payments into Airtel Money wallets in real time through the Airtel Money mobile app and the Airtel Africa online portal.
The services are expected to be launched market-by-market in a phased manner, with the first country to go live by year-end. The launch will be supported by a comprehensive worldwide marketing programme to introduce the new services to African communities overseas and to receivers in Africa.
The partnership is viewed by both parties as long term with significant potential to grow. Following the launch, the partners will explore additional opportunities including intra-Africa payments and other value-added services.
Inbound remittances to sub-Saharan Africa are growing but the region ranks amongst the most expensive remittance corridors globally. The agreement between Airtel Africa and Finablr will, say the partners, harness the true potential of mobile financial services by simplifying and streamlining remittances into the region. This reflects the shared commitment of the companies towards driving financial inclusion and supporting the UN’s Sustainable Development Goals by reducing the cost of remittances.