Airtel Africa and Mastercard collab introduces remittances in the continent

It works through customer registration and onboarding through Airtel Money.
Airtel Africa Mastercard

Airtel Africa and Mastercard have unveiled a new cross-border remittance product, a joint effort that will see Airtel customers in 14 African nations to send and receive funds. According to a statement from the two organizations, the service will be introduced in stages to ensure a smooth digital experience for users, linking them with people worldwide.

As said, this collaboration involves an Airtel Money Mobile service developed in collaboration with Mastercard. It works through customer registration and onboarding through Airtel Money, adhering to banking regulations across various jurisdictions, such as the CBK and its laws in Kenya.

Customers need a registered Airtel Money account, and charges align with UN SDG goals to lower remittance fees to 3% or below.

Africa receives around $95.6 billion annually through remittances, a significant contributor to the continent’s foreign currency reserves. This offering aims to offer customers a convenient way to support their global connections, fostering financial empowerment and bolstering Africa’s economic advancement.

Commenting on the launch, Ian Ferraro, Chief Executive Officer, Airtel Money said, “We are thrilled to embark on this journey with Mastercard, as we work together to roll out a world-class remittance service to our customers. At Airtel Africa, we are deeply committed to transforming the lives of our customers through innovative and accessible financial solutions, and this partnership is a significant step towards that goal. We believe that every individual deserves the chance to succeed, and we are proud to play a part in making that vision a reality.”

“The digital economy continues to grow and expand, and by rolling out this exciting, seamless remittance service, we’re making it easier for more people to transfer funds with ease, security and certainty. As a global technology company with a long history in Africa, Mastercard is committed to the continent’s growth and connecting its people to convenient digital solutions that will enable a more financially inclusive future for all.  We are proud to continue building on our partnership with Airtel Africa by adding more value and choice for its customers,” said Ngozi Megwa, Senior Vice President, Digital Partners and Enablers, Eastern Europe, Middle East and Africa, Mastercard.

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