Airtel Africa and Mastercard have announced the launch of an innovative cross-border remittance service.
This strategic partnership aims to empower Airtel subscribers across 14 key African markets, facilitating safe, secure, and swift money transfers with unprecedented ease and certainty.
Remittances to Africa currently account for a staggering $95.6 billion annually, constituting a vital source of foreign currency for the continent.
The new service is primed to offer customers unparalleled convenience and accessibility, bridging the gap between loved ones worldwide and playing a pivotal role in bolstering economic growth and financial empowerment across Africa.
Mastercard’s Cross-Border Services, accessed through a single secure gateway, will gradually enable outward fund transfers across Airtel’s expansive presence in African markets.
This phased rollout includes nations such as Chad, Congo Brazzaville, Democratic Republic of Congo, Gabon, Kenya, Madagascar, Malawi, Niger, Nigeria, Rwanda, Seychelles, Tanzania, Uganda, and Zambia. By ensuring prompt delivery, fortified transactions, and reasonable fees, the platform will seamlessly connect users to wallets spanning over 145 markets.
Ian Ferraro, Chief Executive Officer of Airtel Money, expressed his enthusiasm for this landmark venture, saying, “We are thrilled to embark on this journey with Mastercard, as we work together to roll out a world-class remittance service to our customers. 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. We believe that every individual deserves the chance to succeed, and we are proud to play a part in making that vision a reality.”
Ngozi Megwa, Senior Vice President of Digital Partners and Enablers for Eastern Europe, Middle East, and Africa at Mastercard, echoed this sentiment, stating that the digital economy continues to grow and expand.
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. We are proud to continue building on our partnership with Airtel Africa by adding more value and choice for its customers.
Mastercard’s 2022 Borderless Payments Report reveals a remarkable surge in digital payments, with three-quarters of cross-border transactions being conducted through mobile applications. This burgeoning demand for cross-border mobile transactions underscores the urgency for secure and convenient remittance services, catering to both banked and unbanked consumers.
Airtel Africa and Mastercard’s collaboration embodies a shared dedication to digital transformation, ushering in an era of accessible mobile financial services for all corners of the continent.