Recently, the telecommunication and financial sectors are collaborating to achieve one goal, which is for companies or services to utilize technology to provide more efficient financial services to businesses and customers. This concept is called Fintech, which is the emerging industry that uses technology to improve activities in finance all over the world.
Airtel Africa, a leading provider of telecommunication and mobile money services, and MoneyGram have collaborated to allow 19 million Airtel Money subscribers to receive international MoneyGram transfers directly to their mobile wallets.
How can this partnership help customers? Once Airtel Money customers receive the funds, they can be accessed immediately and used to pay utility bills, goods and services, transferred to other individuals, or converted to cash at any of Airtel Africa’s exclusive branches, kiosks and agents, according to Airtel’s website.
“This is a significant step forward in our ambition to transform lives through greater financial inclusion and empowerment across the continent. Maximizing access to global remittances is a key part of this – even more so given the disruption and economic hardship faced by many because of the COVID-19 pandemic,” Raghunath Mandava, CEO of Airtel Africa said.
The partnership will pave the way for expansion of Airtel Money capabilities – driving customer growth and penetration, as well as building on the momentum of existing partnerships with Mastercard and Western Union.
“This partnership with Airtel will enable millions of consumers instant access to our global platform to receive money from over 200 countries & territories without having to even step outside,” said John Gely, Head of MoneyGram Africa. “We’re excited about how this customer-centric partnership with Airtel will expand our mobile wallet capabilities, build upon our strong momentum in Africa, and further accelerate our digital growth across the globe.”