MFS Africa has partnered with global money transfer start-up PaySii to help facilitate remittances in Africa.
The partnership will enable PaySii to extend its services to customers wanting 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 unparalleled reach 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.
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% in fees, Africa is the most expensive region to send money to in the world. Yet the remittances market has huge promise - in 2018, US$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.
The partnership will facilitate the money transfers into mobile wallets operated by companies such as MTN, Airtel, Paga, Vodafone and Orange, which are operating in the new countries being served by PaySii.