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Fintech & Ecommerce

Visa expands its influence across Africa?

Dec 13, 2019

MFS Africa connects more than 180 mobile wallets on the continent through one API

Visa and MFS Africa

Visa expands its influence across Africa. Source: shutterstock.com

Visa announced to enter a partnership with the pan-African fintech leader MFS Africa. It aims to close the gap between the African rapidly growing mobile money ecosystem and the world of online digital payments.

MFS Africa will distribute Visa payment credentials across multiple markets in the country. This way, users will be able to generate an instant Visa virtual card with a 16-digit number, linking it to their mobile money accounts for further transactions.

MFS Africa will also integrate with Visa Direct so that mobile money users get a fast, convenient and secure way to make payment processing.?The remittances to Sub-Saharan Africa are set to increase by over 5.6% between 2019 and 2020, reaching $51 billion, World Bank says.

In the past few years, we have been relentlessly focused on creating new digital pathways between mobile money users in Africa. Having reached a significant scale, we are now turning our focus to connecting our network to the wider world, to unleash the wealth of opportunity that trade with Africa presents to the global economy. We have found in Visa an invaluable partner to support us in the next stage of our expansion. The reach of the Visa network is unparalleled, and we look forward to working with Visa to realize our vision of a world in which no one is limited in what they can achieve when it comes to payments
Dare Okoudjou, founder and CEO, MFS Africa

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