Airtel Africa and Mastercard have unveiled a groundbreaking cross-border remittance service, ushering in a new era of seamless international money transfers for Airtel subscribers across 14 African markets. This dynamic collaboration is set to provide millions of users with an innovative digital platform that offers ease, security, and accessibility in sending and receiving funds.
With remittances accounting for a significant influx of foreign currency, estimated at $95.6 billion annually, this partnership aims to empower customers by facilitating hassle-free financial connections to their loved ones globally. This initiative not only caters to individual needs but also contributes to Africa’s economic development by promoting financial inclusivity.
Mastercard Cross-Border Services will serve as a singular, secure gateway to facilitate outward transfers of funds across each of the 14 African markets where Airtel holds a presence. This phased approach will encompass countries such as Chad, Congo Brazzaville, Democratic Republic of Congo, Gabon, Kenya, Madagascar, Malawi, Niger, Nigeria, Rwanda, Seychelles, Tanzania, Uganda, and Zambia. The platform’s strength lies in its ability to ensure timely, secure, and cost-effective transactions, connecting consumers with wallets spanning over 145 markets.
Ian Ferraro, CEO of Airtel Money, expressed enthusiasm about this collaboration, emphasizing its alignment with Airtel Africa’s commitment to offer accessible, innovative financial solutions to its customers. He highlighted the importance of empowering individuals through seamless financial services to foster success and progress.
Ngozi Megwa, Senior Vice President of Digital Partners and Enablers for Eastern Europe, Middle East, and Africa at Mastercard, highlighted the significance of the digital economy’s expansion and the increasing prevalence of cross-border mobile transactions. The partnership between Airtel Africa and Mastercard reflects a shared dedication to providing easily accessible mobile financial services to a diverse range of consumers across the continent.
Mastercard’s 2022 Borderless Payments Report reveals that digital payments, particularly through mobile apps, are gaining momentum. A substantial portion of cross-border payments are now conducted via mobile platforms. This trend underscores the need for secure and user-friendly cross-border remittance solutions, catering to both banked and unbanked individuals.
As Airtel Africa and Mastercard venture into this collaborative initiative, they are poised to bridge gaps in cross-border remittance, further promoting financial inclusion and driving the evolution of digital financial services across the African landscape.