Doreen Lukandwa, VP of Global Enterprises Mobile money has become a game changer in Africa, establishing financial inclusion among the continent's diverse populace. But, navigating over 50 states, currencies, multiple closed-loop payment schemes, and overlapping regulatory frameworks is an uphill battle for businesses.
MFS Africa aims to solve these challenges with the intention of making payments as easy as making a phone call.
The mobile gateway company has developed a full-service digital network that connects over 400 million mobile money wallets for cross-border payments. As a result, financial service providers, global merchants, or remittance companies achieve a more seamless way of transacting with people regardless of their language, currency, bank, or type of mobile phone.
MFS Africa provides a sector-agnostic, multi-market, single-point entry for any business. It has integrated over 180 Mobile Network Operators, Banks, and Money Transfer Organizations, complemented by over 800 cross-border corridors.
"Through interoperability, MFS Africa simplifies how businesses can access millions of customers across multiple markets in Africa," says states Doreen Lukandwa, VP of global enterprises at MFS Africa.
Regardless of the industry, clients can access MFS Africa's footprint by plugging into the network via API or a self-serve portal. Based on this infrastructure MFS Africa provides a plethora of channels such as mobile money, virtual cards, and point of-sale devices at agent points, enabling businesses worldwide to connect with any last-mile customer on the African continent.
These financial solutions enable any Global or Pan-African Enterprise to expand into multiple African countries whilst adopting innate consumer behavior within the respective jurisdictions.
For example, on any given day in MFS Africa, a person can send money from Senegal to a family member in Italy; A pan-African e-commerce company can receive multiple payments from hundreds of consumers in Ghana at a time; An NGO can effect thousands of payments to refugees in Uganda, to various bank accounts or agent points in Nigeria.
MFS Africa invests significantly in getting the necessary regulatory approval to give partners comfort in navigating different jurisdictions such as Nigeria, Uganda, Ghana, and Tanzania.
Companies seek MFS Africa for expertise and guidance on how to roll out their product in any of these markets, manage multiple currencies, and navigate the regulatory environment in each country.
Through interoperability, MFS Africa simplifies how businesses can access millions of customers across multiple markets in Africa
One instance when MFS Africa demonstrated its competencies was when a US-based corporation approached it for its services. They used MFS Africa's platform to issue loans to farmers on a basic phone. It uploads a file with all client information on the self-service portal. As a result, each farmer receives an SMS notifying them that they have received a payment from the organization. It also enabled the farmers to pay back their loans in installments. They extended their services from one market to five with MFS Africa's help. The operation began with 100,000 farmers and has expanded to include over a million across five markets.
Banking on these success stories, MFS Africa has grown to be the largest B2B hub on the continent, designed to deliver any digital transaction by connecting businesses to Pan African and Global trade value chains.
