MoneyGram announces new partnerships, building strong momentum in Africa

By Pavithra R

MoneyGram International, a global leader in cross-border P2P payments and money transfers, has announced four mobile wallets and FinTech partnerships that give the Company access to mobile wallets in 28 markets in Africa.

According to the GSMA’s 2019 State of the Industry Report on Mobile Money, the mobile money industry recorded astonishing growth with roughly $730 bn 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 mn 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. 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,” said Grant Lines, MoneyGram Chief Revenue Officer.

MoneyGram’s new partnership with Airtel, Thunes, InTouch, and MFS Africa is expected to help drive digital growth as the firm continues to execute its customer-centric digital transformation. Its partnership with Airtel Africa is expected to help Airtel Money’s customers to receive funds from around the world, access the money immediately, transfer it to other individuals, or convert to cash at many available branches, kiosks, and agents. The collaboration with Thunes, InTouch, and MFS Africa, prominent FinTech payment providers, will enable MoneyGram to expand its coverage across the continent significantly.

Services at Thunes and InTouch will begin as early as this week, while the partnerships with MFS Africa and Airtel will go live in the next few months.

“Our digital business has seen amazing growth over the past several years, and these new partnerships are important milestones as we execute our strategy to accelerate digital growth by expanding access to mobile wallet capabilities. Customer demand for mobile wallets has increased significantly over the last few years and with the onset of the global pandemic, the launch of these strategic partnerships is more important than ever,” said Kamila Chytil, MoneyGram Chief Operating Officer and leader of the Company’s digital business.

Established since 1940, MoneyGram International is an American money transfer company providing innovative money transfer and payment services. Its consumer-centric capabilities enable consumers to transact money in more than 200 countries and territories, with over 70 countries now digitally enabled.