MVola partners MFS Africa to facilitate remittances to Madagascar
MFS Africa, the pan-African digital payments network, has entered into a partnership with Mvola, Madagascar's leading mobile money provider, with the goal of streamlining inbound international money transfers. This collaboration is designed to further promote financial inclusion and foster economic development in the island nation.
Notably, MFS Africa has become the first aggregator to launch the mobile money service offered by Telma, Madagascar's top Mobile Network Operator (MNO) with a substantial 70% market share. This breakthrough enables the seamless transfer of remittances from Europe, the US, and the UK into Madagascar. Furthermore, the partnership will facilitate MNO-to-MNO remittances to Madagascar from other parts of Africa.
Nika Naghavi, Group Head of Growth at MFS Africa, pointed out, "Providing financial services to Madagascar has long been regarded as costly and challenging due to its predominantly rural landscape and infrastructural limitations. This means that consumers in the country have been historically underserved by traditional financial institutions."
Key Takeaways
Madagascar currently boasts over 10 million mobile money accounts, a number significantly exceeding the count of traditional bank accounts. More than one-third of the population now has the capability to utilize mobile money for a wide range of financial transactions, including bill payments, peer-to-peer transfers, savings, and borrowing. Simultaneously, the opportunity for employment abroad remains an attractive prospect for many Malagasy individuals seeking to support themselves and their families in Madagascar. Consequently, Madagascar has established itself as a robust market for receiving remittances, with France serving as its largest sender market. In 2022, the World Bank reported that the country received over $700 million in remittances, underscoring the importance of enabling individuals in Madagascar to instantly receive remittances from their overseas families into their mobile money accounts. This convenient and efficient process facilitates the flow of vital financial support to those who depend on it.
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