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August 8, 2014updated 04 Apr 2017 4:06pm

Airtel, BGFIBank collaborate to expand mobile money services in Africa

Bharti Airtel Africa, a subsidiary of India's cellular operator Bharti Airtel, has reached an agreement with BGFIBank Group to expand mobile money services in Africa.

By Verdict Staff

Bharti Airtel Africa, a subsidiary of India’s cellular operator Bharti Airtel, has reached an agreement with BGFIBank Group to expand mobile money services in Africa.

BGFIBank Group operates banking business in 10 countries. Under the terms of the agreement, Airtel Money will become accessible to BGFI Bank customers in four African countries, including Gabon, Democratic Republic of Congo and Madagascar.

Now, Airtel Money customers that are BGFIBank account holders can transfer money between their bank accounts and Airtel Money, check their BGIF account balance, confirm transactions on their BGIF accounts, order cheque books and ATM cards and access bank statements.

Besides allowing Airtel Money customers to visit BGFIBank ATMs and withdraw cash without using electronic cards, the partnership will also enable Airtel Money agents to visit BGFI bank branches and buy e-value (float) to support their businesses.

Bharti Airtel director and Africa Head (Airtel Money) Chidi Okpala said: "This is a significant milestone for Airtel Africa as we seek to broaden our pan-African footprint for Airtel Money to serve customers better."

Both Airtel Money and BGFIBank Group have agreed to roll out products and services including mobile savings account, mobile loans and international money transfer services, in the four African countries.

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