Mastercard and Airtel Africa collaborate on Cross-Border money transfer

The 14 African markets where Airtel is present will be able to send money abroad with the help of the Mastercard Cross-Border Service

In a significant development for the financial landscape of the continent, Airtel Africa and Mastercard have strengthened their partnership by launching a cross-border remittance service that allows more than 100 million Airtel subscribers across 14 African markets to send and receive money securely worldwide.

This collaborative project intends to provide simple and effective cross-border money transfers as digital transactions become more prevalent and remittances become more significant. The service will, according to the official press release, satisfy a variety of customer needs by improving their access to global financial markets and maintaining the security and dependability of their transactions.

Airtel's statement read, "Airtel will leverage Mastercard's global network and digital payments capabilities to deliver a first-class experience for over 100 million Airtel Africa mobile phone users looking for access to fast and secure money transfers."

According to Mastercard, remittances to Africa total an estimated USD 95.6 billion yearly, making it a sizable source of influx of foreign cash. The Airtel-Mastercard cooperation aims to take advantage of this sizeable flow, streamlining the remittance process while simultaneously encouraging financial inclusion and regional economic growth.

Airtel Africa and Mastercard in their joint stated that, "Through timely delivery, secured transfers and reasonable transaction costs, the platform will connect consumers to wallets in over 145 markets."

The 14 African markets where Airtel is present will be able to send money abroad with the help of the Mastercard Cross-Border Service. Chad, Congo Brazzaville, Democratic Republic of the Congo, Gabon, Kenya, Madagascar, Malawi, Niger, Nigeria, Rwanda, Seychelles, Tanzania, Uganda, and Zambia are some of these marketplaces.

Airtel Money, Africa said, "We are thrilled to embark on this journey with Mastercard as we work together to roll out a world-class remittance service to our customers. At Airtel Africa, we are deeply committed to transforming the lives of our customers through innovative and accessible financial solutions, and this partnership is a significant step towards that goal. We believe that every individual deserves the chance to succeed, and we are proud to play a part in making that vision a reality."

With the use of digital technology and financial innovation, Airtel Africa and Mastercard are working to enhance remittances in Africa, which will help the continent's economy.