Airtel Africa Partners With Mastercard for Cross-Border Money Transfer

Airtel Africa and Mastercard join forces to introduce cross-border remittance service, enabling secure and efficient global money transfers for over 100 million Airtel subscribers across 14 African markets.

Highlights

  • The service empowers Airtel customers in 14 African countries to send and receive funds from over 145 global markets.
  • Airtel Africa partners with Mastercard for fast and secure money transfers for over 100 million mobile phone users.
  • The service enhances access to global financial markets and ensures secure transactions.

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Airtel Africa Partners With Mastercard for Cross-Border Money Transfer

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.




Also Read: Airtel Uganda Plans IPO for 20 Percent Stake on Uganda Securities Exchange

"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.

Also Read: Airtel Africa Reports Strong Revenue Growth in Q1 Despite Forex Challenges

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."

Also Read: Strengthening Partnership: Tim Cook and Sunil Bharti Mittal Discuss Collaboration in Indian and African Markets

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.

Reported By

Telecom Analyst

Passionately following the Indian #Telecom Industry for over a decade from Business, Consumer and a Technical perspective. My primary focus area is Consumer & Digital Experience.

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