The United Bank for Africa Plc and MFS Africa, Africa’s digital payments hub, have entered into a partnership that will enable both institutions offer innovative and timely solutions to a wide range of customers, especially in the area of remittances, electronic money services, SME payments, as well as integration to businesses for cross border payments.
According to a statement, both financial institutions signed an MoU at the UBA Head Office in Lagos, which marked the beginning of a partnership that would be essential in leveraging MFS Africa’s digital payment hub that connects over 400 million mobile money users to a wide range of partners including Mobile Money Operators, Money Transfer Organisations, Fintechs, Enterprise Merchants, and others, to drive the distribution of financial services at scale.
Speaking during the signing ceremony, the UBA Group Deputy Managing Director, Muyiwa Akinyemi, emphasised the benefits for customers in the long run.
He said, “We are very pleased to be partnering with MFS Africa in this venture that will see us offering seamless digital solutions to most of the financial challenges of our customers. UBA is ready, and with the value that MFS Africa is known for, we are indeed set to dominate the entire banking space in Africa.”
According to Akinyemi, the partnership would help to boost an array of services which would include a centralised payment hub that enables cross-border payments across multiple rails through a single integration; Inbound and outbound cross border remittances; SME payments digitisation; Domestic and cross border corporate disbursements; Remittance Africa China corridor; Bin sponsorship and web acquiring.
MFS Africa’s founder and Chief Executive Officer, Dare Okoudjou, said, “As the payments landscape in Africa continues to evolve, we believe that Fintechs and banks need to have a deeper collaboration in expanding opportunities that will help ease remittance, payments, disbursements, and collections for businesses and their consumers across all sectors of the economy in Africa.”