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