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Visa is partnering with MFS Africa to expand mobile money's reach - Business Insider

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Giving Africa's mobile money users access to virtual Visa cards could boost usage of digital payments while helping Visa bolster its volume

a partnership with MFS Africa, a fintech that connects over 180 million mobile wallets on the continent with an API. The collaboration will see Visa enable mobile money users on MFS Africa's network to access a virtual Visa card for e-commerce and remittance transactions. The fintech is also set to integrate with Visa Direct — the card network's push payments solution — so its mobile money users can access Visa Direct's platform for transfers and remittances.

Because of mobile money's popularity, working with MFS Africa should help Visa capture more purchase volume from African consumers, helping it grow beyond the $249.4 billion in purchase volume it recorded in 2018 and potentially rise faster than the 17.1% annual growth is posted last year, per the Nilson Report.

 

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