Airtel Africa and Mastercard have strengthened their partnership by introducing a cross-border remittance service that enables over 100 million Airtel subscribers across 14 African markets to securely send and receive money globally, marking a remarkable advancement in the continent's financial landscape.
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"Airtel will leverage Mastercard's global network and digital payments capabilities to deliver a first-class experience for over 100 million Airtel Africa mobile phone users looking for access to fast and secure money transfers," said the official statement.
Strengthening Financial Connectivity
As digital transactions become more common and remittances grow in importance, this joint effort aims to offer easy and efficient cross-border money transfers. According to the official release, the service will meet the varied needs of consumers, giving them better access to international financial markets and ensuring the safety and reliability of their transactions.
Seamless Cross-Border Transactions
Mastercard stated that Africa receives an estimated USD 95.6 billion annually through remittances, making it a significant source of foreign currency inflow. The Airtel-Mastercard partnership seeks to tap into this substantial flow, not only simplifying the remittance process but also promoting financial inclusivity and fostering economic growth across the continent.
African Markets
The Mastercard Cross-Border Service will facilitate outward fund transfers across the 14 African markets where Airtel has a presence. These markets include Chad, Congo Brazzaville, Democratic Republic of Congo, Gabon, Kenya, Madagascar, Malawi, Niger, Nigeria, Rwanda, Seychelles, Tanzania, Uganda, and Zambia.
"Through timely delivery, secured transfers and reasonable transaction costs, the platform will connect consumers to wallets in over 145 markets," said Airtel Africa and Mastercard in their joint statement.
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Commitment to Africa's Growth
Airtel Money, Africa, stated: "We are thrilled to embark on this journey with Mastercard as we work together to roll out a world-class remittance service to our customers. At Airtel Africa, we are deeply committed to transforming the lives of our customers through innovative and accessible financial solutions, and this partnership is a significant step towards that goal. We believe that every individual deserves the chance to succeed, and we are proud to play a part in making that vision a reality."
Mastercard highlighted the significance of this endeavour in the context of Africa's digital growth. "As a global technology company with a long history in Africa, Mastercard is committed to the continent's growth and connecting its people to convenient digital solutions that will enable a more financially inclusive future for all."
Mastercard's 2022 report on Borderless Payments found that mobile applications are increasingly used for cross-border transactions. In line with the findings, this new partnership aims to provide secure remittance services for banked and unbanked consumers.
Airtel Africa and Mastercard have teamed up to improve remittances in Africa with digital technology and financial innovation, which will help boost the economy.
