MFS Africa, a pan-African fintech mobile money connectivity hub, has brokered a partnership with Xoom (a PayPal service) to securely connect with customers in UK, Europe, and North America. The partnership is set to solve the problem of insecurity and inconvenience endured by customers in the UK, Europe, and North America when they try to send money to Africa. MFS Africa partners with Xoom for this very valid reason. For now, only 6 African countries have been profiled to receive from abroad – these countries are Cameroon, Ghana, Rwanda, Uganda, Zambia, and Zimbabwe. According to Mr. Dare Okoudjou – the pioneer and president of MFS Africa, there are plans to include the likes of Nigeria and others in Q1 2021. The mobile money remittances market is already benchmarked at least $51 billion in Coronavirus-ridden 2020.
MFS Africa is set to leverage the efficiency and reach provided by Xoom, which provides money transfer services cum cash pick-ups in over 160 locations around the world. Xoom, on the other hand, is set to leverage the lack of bank branches per person in Africa plus the popularity of MFS Africa, which handles over 200 million users in Africa on their platform. Hence, as MFS Africa partners Xoom, good marriage between these two is assured.
The visibly overjoyed Vice President of Xoom, Mr. Julian King, has this to say on the partnership:
“Africa is a very important market for Xoom and we are delighted to expand our services in the continent. There is nowhere else in the world that moves more money on mobile phones than Sub-Saharan Africa. While there are only five bank branches per 100,000 people in sub-Saharan Africa as of 2019, there are over a hundred times that number of mobile money agents. Africa has nearly half of the global total of registered mobile money accounts—almost 400 million in total.”
Mr. Dare Okoudjou, founder and CEO of MFS Africa, also commented on the MFS Africa-Xoom partnership as MFS Africa partners Xoom:
“Xoom – and their parent company PayPal – are pioneers in digital-first payments, and we are excited to partner with Xoom to further connect our network to the wider world. Diaspora remittances have always been critical for the livelihood of hundreds of millions of Africans and leveraging digital channels to deliver those remittances has always been an important part of our mission. But in a time of global crisis, when brick-and-mortar money transfer stores are not open, connecting digital payments players in the diaspora to the largest network of mobile wallets in Africa doesn’t just make good business sense – it’s the right thing to do from a public health and human welfare perspective, too.”