- Airtel Partners Finablr to Facilitate Cross-border Payments
Airtel Africa has partnered Finablr, a global payment and foreign exchange platform, to enhance its mobile money offerings in Africa.
In a statement released by Airtel Africa through the Nigerian Stock Exchange (NSE) on Tuesday, Airtel Africa mobile money operations will be integrated with Finablr’s technology platform and global network to facilitate seamless inward and outbound cross-border payments on the continent.
According to the telecom giant, the arrangement will allow Airtel mobile money customers to leverage on Finablr’s global network to send money from over 100 countries into Airtel Money mobile wallets. This, the company said will enable expatriates to settle payments into Airtel Money wallets in real-time through the Airtel Money mobile app and the Airtel Africa online portal.
A world Bank estimates put inbound remittances to Sub-Saharan Africa at US$46 billion in 2018. This cost about 9.4 percent to send, making it one of the most expensive remittance corridors globally.
Therefore, Airtel Africa and Finablr seek to address this high cost by simplifying and streamlining remittances to the African continent.
Speaking on the partnership, Raghunath Mandava, CEO of Airtel Africa, said: “We are excited that Airtel Money will collaborate with Finablr to introduce global payments services, enabling customers to make cross-border remittances, pay bills, make purchases and withdraw cash from our outlets and agents across the continent. This another important example of how mobile technology will play a key role in changing the way people connect with their homes in Africa.”
The Group CEO of Finablr, Promoth Manghat, said: “We are delighted to partner with Airtel Africa, and join hands to deliver affordable and reliable payments services to customers. Together, building on the strength of our technology platform, we are delivering fintech at scale thereby empowering consumers and businesses across the continent.”