Mobile Money: A Game Changer

The Rise of Mobile Money in Africa

Today, Africans use mobile money to buy goods and services, pay utility and other bills, take out loans, buy goods on e-commerce platforms, and make and receive business payments. Mobile money is a secure electronic store of value that is accessible to consumers via their mobile phones. It is more affordable, secure, traceable, and transparent, transforming traditional digital payment markets and advancing financial inclusion.

MFS Africa's Impact on Mobile Money Connectivity

At MFS Africa, we connect over 320 million mobile money wallets across all major networks. To provide an easy way to send money and collect payments to and from mobile wallets in Africa, we created the most interconnected payments platform for the African continent; cross-border, cross-currency, cross-network.

We connect mobile money users across over 35 African countries and money transfer operators in Europe, the Middle East, Asia, and North America. More than ever before, mobile money users are able to send and receive money digitally, and in real-time, to and from loved ones and businesses across the world.

Greater Access to Financial Services

Mobile networks across the continent have achieved revolutionary change in providing widespread access to telecommunication services. From urban taxi ranks to the most remote rural villages, wherever you can reach a mobile network's signal, you can be sure that you are never too far away from an airtime sales agent. And where there are airtime sales agents, you can find mobile money agents.

The cost of training and supporting a mobile money agent is a tiny fraction of the cost of setting up a brick-and-mortar money transfer bureau, let alone an ATM or a bank branch. Mobile money agents meet customers where they are, from marketplaces to rural shops to roadside vendors. Compared to ATMs, bank branches, post offices, and money transfer agencies, mobile money agents are dramatically more accessible, with over 10 times greater reach than these traditional services in Sub-Saharan Africa.

Mobile money, through broad and accessible agent networks, provides millions of underserved and unbanked people access to mobile money services, as well as a range of affordable financial services that empower them to manage their financial lives better, save safely, seize economic opportunities, and reduce their vulnerability.

The Cost Advantage of Mobile Money

Mobile money is faster, flexible, and more convenient than most remittance service providers—and, most importantly, it's cheaper for end-users. The average cost of sending $200 through mobile money platforms stands at 1.7 percent of the transaction, a 40 percent reduction in the cost compared to 2017. These figures clearly indicate that low-cost mobile money-enabled remittances are a sustainable trend rather than the result of short-term promotional efforts.

Increased Security with Mobile Money

Using traditional channels, senders and receivers have to bear the risk of carrying cash to or from an MTO agent or bank branch, making them vulnerable to theft. Sending and receiving remittances via mobile money minimizes these cash-handling risks, providing a safer and more secure alternative.

Mobile Money: A Game-Changer for Peer-to-Peer Payments in Africa

From the benefits mentioned above, wouldn't you agree that mobile money gateways are a game-changer in African peer-to-peer or person-to-person payments? It is quite a rhetorical question because no more is needed to prove that mobile money transfers connect millions and make borders matter less. In case you're still not convinced, explore the features of MFS Africa.