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MFS Africa’s payment solutions reaches 320 mn mobile money wallets

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Sub-Saharan Africa accounted for roughly two-thirds of global mobile money transactions in 2020

Johannesburg-based MFS Africa has recently announced that its payments solution now reaches more than 320 million mobile money wallets in Africa, media reports said. According to GSMA, MFS Africa currently covers 60 percent of all mobile money wallets in the sub-Saharan African region. The region alone accounted for roughly two-thirds of global mobile money transactions in 2020.

In this regard, founder and chief executive officer at MFS Africa Dare Okoudjou told the media, “In 2010, MFS Africa took a bet that mobile money accounts would be the most dominant form of financial accounts in Africa and emerging markets at large. The new numbers released by the GSMA have now removed any lingering doubts about that.

“We also wagered that through our work, these accounts would be able to exchange value with each other and with the rest of the world, in the same way we communicate with each other by mobile phones. We are now in a position to make that a reality for over 320 million accounts in Africa. This means that a tech company in Liberia can now gun for a market 64 times the size of its home market – underlining the positive economic impact that creating new financial pathways can create.”

Recently, it was also reported that MFS Africa is mulling acquisitions and investments to strengthen its network in East and West Africa. Announcements in this regard are expected in the month of April. MFS Africa plans to strengthen its presence in Cameroon, Gabon and Chad in Central Africa and Rwanda, Uganda and Kenya to the east.

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