Network enables merchants, banks and mobile operators to scale transactions cross-border, cross-currency and cross-network
MFS Africa says its MFS Hub is now connected to 120 million mobile wallets in Sub-Saharan Africa as a result of partnerships with mobile network operators including Airtel, Econet, MTN, Orange, Tigo and Vodafone. The MFS Hub scales transactions across networks and borders to create greater value for customers and service providers, support regional and international trade, and boost financial inclusion.
There are mobile money services available in nearly every market in Sub-Saharan Africa, with 33 markets featuring two or more networks (GSMA, 2015). However, the majority are confined to a domestic market with almost no interoperability between networks in either a single country or across borders.
Without interoperability, mobile operator customers cannot send money to another consumer on another network in their country, nor to a person in another country. Money transfer operators face greater friction in lowering distribution costs and allowing consumers to make international remittances to and from wallets. Financial institutions seeking to offer services ranging from airtime top-ups to micro-insurance to the unbanked, and merchants who want to allow consumers to pay using their mobile wallet, need to integrate with each mobile money network.
This severely inhibits the potential of financial services providers to drive efficiencies, contribute to economic growth and include those currently financially excluded.
The MFS Hub allows these service providers to facilitate transactions across networks, across borders and across currencies via a single API ensuring compliance with all necessary regulations. Operators, banks and money transfer organisations can provide customers with more flexible payment options, increasing the velocity and volume of electronic money in the ecosystem. Merchants can dramatically improve the reach and user experience of e-commerce and m-commerce services, and regulators are likely to see more cash drawn into formal financial systems.