The partnership will allow Western Union users in 200 countries around the world to send funds to the more than 400 million mobile wallets in the MFS network.
The service will launch in Madagascar before moving to other African nations, and comes as globally money transfer giant Western Union is working to expand its remittance business.
Payment infrastructures globally have traditionally remained fragmented and local in nature. Africa’s 54 countries are diverse not just in terms of population, development levels, growth rates, and stability but with payment infrastructure and regulations as well.
Developing and delivering products that drive financial inclusion and enable our customers to move up the ladder of financial well-being” to establish the company as the leading provider of branded accessible financial services to the aspiring populations of the world.
To reach this goal the company plans to expand its financial ecosystem by debuting its digital banking and digital wallet services to a number of new markets in 2023.