Pan-African fintech MFS Africa now reaches over 320 million mobile money wallets. This means that the company covers 60% of all mobile money wallets in sub-Saharan Africa, according to data from GSMA.
Dare Okoudjou, CEO and founder of MFS Africa, says: “In 2010, MFS Africa took a bet that mobile money accounts would be the most dominant form of financial accounts in Africa and emerging markets at large. The new numbers released by the GSMA have now removed any lingering doubts about that.
“We also wagered that through our work, these accounts would be able to exchange value with each other and with the rest of the world, in the same way we communicate with each other by mobile phones.
Remittances: benefits of new financial pathways
“We are now in a position to make that a reality for over 320 million accounts in Africa. This means that a tech company in Liberia can now gun for a market 64x the size of its home market. This underlines the positive economic impact that creating new financial pathways can create.”
Sub-Saharan Africa is the most developed market for mobile money. Specifically, it accounts for roughly two-thirds of global mobile money transactions in 2020. There remains a huge opportunity to leverage this growing popularity to encourage entrepreneurship and growth. However, more complex transactions, such as those across borders or involving distinct financial institutions, can be costly and inconvenient for African consumers and businesses. The high cost of remittances on the continent (8.9% in the last quarter of 2019) is just one example. MFS Africa’s payments platform connects a range of businesses and institutions across the continent. And it creates new pathways for mobile money payments and financial services.