In compliance with the Securities and Exchange Commission’s recommendation that Fintech be embraced to grow the e-commerce and Capital Market space in Nigeria, Airtel Africa and Finablr have entered into an extensive global partnership to facilitate seamless inward and outbound cross-border payments.
As an outcome of the arrangement, Airtel Africa mobile money operations will be integrated with Finablr’s technology platform and global network, allow customers to send money from over 100 countries into Airtel Money mobile wallets across Africa, in a convenient, secure and cost-effective manner.
Additionally, Airtel Africa will leverage Finablr’s technology capabilities to develop and deploy digital solutions, enabling African expatriates to settle payments into Airtel Money wallets in real time through the Airtel Money mobile app and the Airtel Africa online portal.
The services are expected to be launched market-by-market in a phased manner, with the first country to go live by year-end.
The launch will be supported by a comprehensive worldwide marketing programme to introduce the new services to African communities overseas and to receivers in Africa.
Raghunath Mandava, CEO of Airtel Africa, said, “This is another important example of how mobile technology will play a key role in changing the way people connect with their homes in Africa.”
Promoth Manghat, Group CEO of Finablr, commented, “Together, building on the strength of our technology platform, we are delivering fintech at scale thereby empowering consumers and businesses across the continent.”
According to World Bank, Inbound remittances to Sub-Saharan Africa grew nearly 10 percent to reach US$46 billion in 2018 and as the primary source of external financing in the region, is critical for its socio-economic development.
With the average cost of 9.4 percent, Sub-Saharan Africa ranks amongst the most expensive remittance corridors globally.
The partnership reflects the shared commitment of the companies towards driving financial inclusion and supporting the UN Sustainable Development Goals by reducing the cost of remittances.