MoneyGram International, Inc. (NASDAQ: MGI), a global leader in cross-border P2P payments and money transfers, today announced four mobile wallet and fintech partnerships that give the Company access to mobile wallets in 28 markets in Africa, creating the largest footprint in the industry.
As mobile money adoption rapidly grows in Africa, these new partnerships with Airtel, Thunes, InTouch and MFS Africa will help drive strong digital growth as the Company continues to execute its customer-centric digital transformation.
- Airtel, a leading provider of telecommunication and mobile money services, has a presence in 14 countries across Africa and over 19 million customers alone. Through this collaboration, customers will be able to receive funds from around the world, access the money immediately, transfer to other individuals, or convert to cash at many available branches, kiosks and agents.
- Thunes, InTouch and MFS Africa, prominent fintech payment providers, are platforms that bridge the gap between the rapidly growing mobile money ecosystem in Africa and global online digital payments. The reach of the three providers will enable MoneyGram to quickly and significantly expand its coverage across the continent.
Services at Thunes and InTouch begin as early as this week, while the partnerships with Airtel and MFS Africa will go live in the next few months.
According to the GSMA's 2019 State of the Industry Report on Mobile Money, the mobile money industry is recording astonishing growth with roughly $730 billion global transactions in 2019. The organization reports Africa as one of the fastest growing mobile money transaction continents in the world with an estimated 190 million active wallets.
"Africa is seeing significant growth in mobile money adoption across the continent, and we're excited to partner with Airtel, Thunes, InTouch and MFS Africa to further support our collective goals to mobilize the movement of money," said Grant Lines, MoneyGram Chief Revenue Officer. "We continue to execute our plan to overhaul major receive markets, and I look forward to building upon our strong momentum in Africa through these new partnerships."
MoneyGram recently reported that its global account deposit and mobile wallet transactions increased 165% in July, which is an acceleration from the second quarter where the Company reported 148% year-over-year transaction growth. These partnerships are expected to further support this strong growth.
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