UBA and MFS Africa Signs MoU to Deepen Financial Services

The United Bank for Africa (UBA) Plc and MFS Africa have partnered to deepen remittances, electronic money services, SME payments and enhance cross-border payment.

The two companies signed a memorandum of understanding at UBA head office in Lagos on Tuesday to kick start an agreement that will allow UBA to leverage on MFS Africa’s over 400 million mobile money users that range from Mobile Money Operators, Money Transfer Organisations, and Fintechs to Enterprise Merchants in distributing its financial services.

Mr. Muyiwa Akinyemi, Deputy Managing Director, UBA, who was present at the signing ceremony, said the partnership will ensure UBA delivers seamless digital solutions and address some of the key limitations in payments.

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,”

Akinyemi explained that the coming together of both organizations will increase a collection of services that contains a centralized payment and encourages cross-border payments across several 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.

On his part, Dare Okoudoju, the founder and CEO of MFS Africa, 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. 

“This is why we are delighted to welcome UBA as our new pan-African banking partner. We are aware of the strengths and capabilities of UBA which is why we will be working together towards expanding access to more possibilities for millions of African consumers and businesses across the 20 countries they are present in Africa,”