MFS Africa has announced entry into Sierra Leone, partnering with AfriMoney, the mobile money service of telecommunications services provider Africell, to enable mobile money users in the country to receive payments from abroad.
The companies have released a statement which affirmed that remittances from abroad amount to more than half of annual household consumption in Sierra Leone, and therefore play an important role in economic growth. As of 2017, less than one in five people in Sierra Leone had a bank account, and mobile money provides an alternative to conventional finance they said.
“With this partnership in place, mobile transfer operator customers that are connected to the MFS Africa hub – such as MoneyGram, World Remit, and Xoom – can easily send money to mobile wallets in Sierra Leone. With over 320 million mobile wallets connected to MFS Africa’s hub, it provides an array of new cross-border payment possibilities,” reads an excerpt from the statement.
Dare Okoudjou, CEO and founder of MFS Africa, commented on the partnership: “To drive growth in Sierra Leone, bringing more people into the financial system is essential. We are excited to develop new financial pathways to the market with this partnership – Africell offers a compelling and easy way for Sierra Leonean people and businesses to access financial services easily. We’re expanding the possibilities for users by making it seamless and cost-effective to receive money across borders – whether that’s enabling a son or daughter in Freetown to send money home to his or her family or removing obstacles to entrepreneurs who want to look further afield for business.”
Andy Widmann, Group Director, AfriMoney, said: “AfriMoney is driving greater financial inclusion in Sierra Leone and other African countries. Our partnership with MFS Africa adds to the strength of the AfriMoney platform by linking us to more international mobile transfer operators and giving these operators superior access to the growing market of Sierra Leone. Remittances are an important source of economic value for Sierra Leone, and we are pleased to be working with MFS Africa to make them easier and more affordable for customers.”