Telecom giant Airtel Africa Plc (NSE ticker – AIRTELAFRI), has continued to expand its fintech business across Africa. The company has announced a new partnership deal MoneyGram, a global leader in cross-border P2P payments and money transfers.
This was disclosed in a corporate action notification sent to the Nigerian Stock Exchange (NSE) on Thursday, signed by Simon O’Hara, Group Company Secretary.
With the partnership, more than 19 million Airtel Money customers in 12 countries can route any MoneyGram transfer received from around the world into their mobile money wallets on their phone.
According to its publication, senders overseas can “push funds instantly and directly to an Airtel Money mobile wallet in a more convenient way for customers.”
Last week, Airtel announced a partnership with Standard Chartered Bank, with the aim of driving financial inclusion across the key markets is Africa.
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This latest partnership is in line with the Group’s strategy of expanding the range and depth of Airtel Money offerings to drive customer growth and penetration. The Group has been focused on building international money transfer services, through international partnerships, to connect millions of people to the global economy.
The MoneyGram partnership builds on the momentum of existing partnerships with Mastercard and Western Union and combined with the recently announced extension of the partnership with WorldRemit will further accelerate the growth of our mobile money services according to its publication.
Commenting on the partnership, Raghunath Mandava, CEO, Airtel Africa, said: “We are delighted to work with MoneyGram to provide millions of customers with fast, secure and convenient options to receive and send money as well as access their funds from a vast distribution of exclusive kiosks, agents and branches at their convenience.
“This is a significant step forward in our ambition to transform lives through greater financial inclusion and empowerment across the continent. Maximizing access to global remittances is a key part of this – even more so given the disruption and economic hardship faced by many as a result of the COVID-19 pandemic.”
The share price of Airtel Africa had remained unchanged at N380.00 per share on NSE since 12 August, mostly because it has not traded the quantity required (100,000 units in a single trade) to initiate a price change.