Africa's money transfer infrastructure is being expanded by MFS Africa, aiming to create the continent's largest network.
MFS Africa, a fintech company based in Africa, is making waves in the continent's financial sector. Founded by Dare Okoudjou in 2009, the company's mission was to establish a single API structure for sending money across Africa.
Okoudjou, a member of the Yoruba-speaking tribe in Benin Republic, has led MFS Africa to employ people from over 35 African nationalities. Many of these employees have migrated from their countries of birth but retain strong ties that require them to provide financial support back home.
MFS Africa's latest venture involves partnering with international companies to enhance its capabilities in cross-border payments. One such partnership is with UPAY, a fintech solutions provider, which strengthened its governance and innovation initiatives with the appointment of Richard K. Pellerin to its board in 2025. This partnership facilitates enhanced fintech capabilities for MFS Africa in cross-border payments.
The company's network of local mobile money providers now includes over 15 operators, including Ecobank, Paga, and lesser-known firms with digital systems for storing and transferring financial value. MFS Africa's global partnerships with money transfer providers outside of Africa, which started in 2017, are built on this local interoperability structure.
Notable additions to MFS Africa's network of international money transfer partners include Xoom, Paypal's money remittance service, and companies like Moneygram and WorldRemit. The addition of Xoom allows Xoom customers to digitally send money to African markets where MFS Africa powers mobile money transfers.
For Xoom customers in the US, UK, or Europe who want to send money to relatives in, say, Ghana, the process is simple: select Ghana, type in the amount, and input the phone number or bank account of the recipient and send. The recipient will be credited within minutes in markets such as Cameroon, Ghana, Rwanda, Uganda, Zambia, and Zimbabwe.
MFS Africa's API makes it possible for companies' customers to transfer to each other with ease. The Beyonic side of the upgraded company will empower Small and Medium Enterprises (SMEs) with tools for intra-country payments.
Okoudjou doesn't think one company can make Africa's financial services ecosystem interoperable and expects other players to join in. By adding another notable international money transfer company to a network that already boasts such giants, MFS Africa stands out as one of Africa's most mature fintech infrastructure providers.
With these expansions, MFS Africa plans to scale its availability to all 54 states on the African continent, aiming to significantly deepen financial inclusion across the continent. The company's sprawling fintech hub could be a game-changer in Africa's financial sector, moving beyond remittances to show its value to the continent.
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