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Western Union Turns to MFS to Expand Global Money Transfers

Western Union announced the beginning of cooperation with MFS Africa.

Western Union Turns to MFS to Expand Global Money Transfers

Source: Pixabay.com

The purpose of the interaction of these companies is to create opportunities for making mobile money transfers in all countries of Africa.

The implementation of the partner project will allow Western Union customers in 200 countries around the world to send funds to more than 400 million mobile wallets on the MFS network. This is stated in a joint statement of the companies published due to the beginning of cooperation.

Initially, the mobile money transfer service will be launched in Madagascar. Then this service will be available in other African countries.

Currently, Western Union directs its main forces and funds to expand its money transfer business. The new partnership project will also help MFS Africa in its mission to simplify transactions. This was told by Kumar Shurav, Managing Director for money transfer operators. He also noted that currently most of the world’s payment infrastructures are fragmented and have a local nature in terms of access.

Kumar Shurav also says that 54 African countries differ significantly from each other in terms of the main characteristics of the state, including population size, economic growth rates, and the level of stability. There are also differences concerning the specifics of the payment infrastructure and the regulatory framework governing the process of its functioning.

Dare Okudju, founder and CEO of MFS Africa, last year, while talking to journalists, said that every user should have access to making a transaction regardless of their place of residence. In 2022, his company acquired American FinTech Global Technology Partners to provide millions of African consumers with access to global firms such as Netflix and Amazon without card credentials.

Western Union is actively engaged in the implementation of its Evolve 2025 strategy, which is aimed at modernizing the business model and product offerings. Devin McGranahan, CEO of the company, said that in a practical sense, this strategy means developing and delivering products that enhance access to financial services and allow customers to move up the ladder of financial well-being.

He also noted that the efforts in the framework of Evolve 2025 contribute to the approval of the company in the status of a leading provider of financial services for an increasing world population.

Western Union plans to expand its financial ecosystem. In 2023, the company intends to introduce digital banking and digital wallet services in several new markets.

As we have reported earlier, Western Union and Beforepay Launch ‘Send Now Pay Later’ in Australia.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.