Airtel Africa and Mastercard have unveiled an innovative cross-border remittance service that will reshape the way individuals across 14 African markets send and receive money. This strategic partnership aims to empower Airtel subscribers with a seamless, secure, and swift remittance experience, strengthening financial connectivity and contributing to Africa’s economic growth.
In a phased rollout, the Mastercard-powered service will extend across the diverse landscape of African nations where Airtel maintains a presence. The list includes Chad, Congo Brazzaville, Democratic Republic of Congo, Gabon, Kenya, Madagascar, Malawi, Niger, Nigeria, Rwanda, Seychelles, Tanzania, Uganda, and Zambia. The initiative represents an essential advancement in financial inclusivity, enhancing accessibility to remittances for individuals in these regions.
Remittances play a pivotal role in Africa’s financial landscape, with approximately $95.6 billion flowing into the continent annually. This new service will provide customers with the ability to connect with their loved ones globally while promoting financial empowerment and bolstering the continent’s economic development.
Through a secure and centralized point of access, the Mastercard Cross-Border Services will facilitate outward fund transfers across the mentioned African markets. The platform is designed to ensure timely and secure transfers, coupled with reasonable transaction costs. Airtel’s extensive reach, coupled with Mastercard’s technological expertise, will empower consumers to link to wallets in more than 145 markets, creating a truly connected financial ecosystem.
Ian Ferraro, Chief Executive Officer of Airtel Money, expressed enthusiasm for the partnership’s potential, stating, “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.” This collaboration aligns perfectly with Airtel’s mission to provide inclusive and transformative financial services.
Ngozi Megwa, Senior Vice President of Digital Partners and Enablers for Eastern Europe, Middle East, and Africa at Mastercard, highlighted the commitment to ease and security, saying, “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.”
The launch of this remittance service is well-timed, as digital payments continue to flourish. According to Mastercard’s 2022 Borderless Payments Report, mobile apps are now the primary channel for cross-border transactions. Airtel Africa and Mastercard are determined to meet this growing demand, striving to make cross-border remittances easy and secure for banked and unbanked consumers alike.
The collaboration between Airtel Africa and Mastercard is driven by a shared vision of fostering digital transformation and bringing mobile financial services within reach of everyone on the continent. This bold initiative not only enhances financial connectivity but also paves the way for a more inclusive and technologically empowered Africa.
