Airtel Africa, in partnership with Mastercard, has announced the launch of a new cross-border remittance service in a bid to foster financial inclusivity.
The service will enable Airtel money subscribers in 14 African countries to conduct cross-border transactions safely and securely, with speed and certainty.
The 14 countries covered by the service are Kenya, Chad, Congo-Brazzaville, the Democratic Republic of the Congo, Gabon, Madagascar, Malawi, Niger, Nigeria, Rwanda, Seychelles, Tanzania, Uganda, and Zambia.
”Through a single and secure point of access, Mastercard Cross-Border Services will support the outward transfer of funds in a phased manner across each of the 14 African markets where Airtel has a presence,’’ Ian Ferraro, Chief Executive Officer, Airtel Money said.
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Through the platform, consumers will be connected to wallets in over 145 markets, enabling them to send and receive funds across the globe effortlessly.
“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,” Mastercard’s vice president for Eastern Europe, the Middle East, and Africa, Ngozi Megwa said.
According to Mastercard’s 2022 Borderless Payments Report, a significant portion of cross-border transactions are made through mobile apps.
This growth in cross-border mobile transactions has created a genuine need to make cross-border remittances easy and secure for both banked and unbanked consumers.
Remittances have long been a major source of foreign currency for African economies, with an estimated $95.6 billion flowing into the continent each year.
