Visa and the pan-African fintech MFS Africa have announced a partnership to bridge the gap between the mobile money ecosystem in Africa and the world of online digital payments.
Mobile money wallets are already prevalent across Africa, but without a virtual or physical network credential associated with them, many international online services are unavailable to users.
To help solve this problem, MFS Africa, a digital payments hub connecting through one API more than 180 million mobile wallets on the continent, will distribute Visa payment credentials across multiple markets in Africa. This will allow mobile money users connected to the MFS Africa platform to generate an instant Visa virtual card with a 16-digit number and link it to their mobile money accounts to use for remittances and ecommerce transactions.
MFS Africa will also integrate Visa’s real-time push payments solution Visa Direct, to provide mobile money users on the MFS Africa platform a secure way to send and receive money and remittances directly from/into their mobile money wallets via eligible card credentials.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now