Airtel Africa and Mastercard have jointly announced the introduction of an advanced cross-border remittance service, allowing Airtel subscribers across 14 African markets to send and receive money seamlessly. This groundbreaking service will be implemented in a phased manner, offering users a streamlined digital experience that bridges them to a global network.
Remittances play a significant role in Africa’s economy, with approximately $95.6 billion flowing into the continent annually. This new offering is designed to provide customers with enhanced convenience and accessibility to connect with their loved ones worldwide. It holds the potential to empower individuals financially and contribute to the overall economic growth of the continent.
Operating through a secure and unified access point, the Mastercard Cross-Border Services will initially facilitate outbound fund transfers across each of the 14 African markets where Airtel maintains a presence. This encompassing list includes Chad, Congo Brazzaville, Democratic Republic of Congo, Gabon, Kenya, Madagascar, Malawi, Niger, Nigeria, Rwanda, Seychelles, Tanzania, Uganda, and Zambia. By ensuring prompt delivery, fortified transactions, and reasonable transaction costs, the platform aims to link users to wallets spanning over 145 markets.
Ian Ferraro, CEO of Airtel Money, expressed enthusiasm for the collaboration, stating, “We are excited to embark on this journey with Mastercard as we collectively introduce a top-notch remittance service to our customers. At Airtel Africa, our commitment to transforming lives through innovative financial solutions is unwavering, and this partnership marks a significant stride towards that goal. We firmly believe in providing every individual with the opportunity to succeed, and we are proud to play a role in realizing that vision.”
Ngozi Megwa, Senior VP of Digital Partners and Enablers, Eastern Europe, Middle East, and Africa at Mastercard, emphasized the importance of digital solutions for an inclusive financial future, saying, “As the digital economy expands, we are making cross-border fund transfers convenient, secure, and certain through this seamless remittance service. As a global technology leader deeply rooted in Africa, Mastercard is committed to the continent’s advancement by facilitating accessible digital solutions that promote financial inclusivity. We are delighted to strengthen our collaboration with Airtel Africa and provide greater value and choices to its customers.”
Mastercard’s 2022 Borderless Payments Report highlights robust growth in digital payments, with a significant portion of cross-border transactions taking place via mobile apps. This trend underscores the necessity to establish easy and secure cross-border remittance solutions catering to both banked and unbanked consumers. Airtel and Mastercard share a common dedication to digital transformation, ensuring mobile financial services are accessible to individuals across the continent.
