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June 30, 2017
Mobile Money Network Working with MallforAfrica to Enable Digital Payments
Global B2B cross-border mobile paymentsnetwork, TransferTo, is working with African e-commerce platform,
MallforAfrica, to offer digital payments that give online shoppers in Africa
access to over 200 major e-retailers across Europe and the U.S.
Founded in 2011, MallforAfrica enables
Africans to purchase products from numerous international online retailers
through their e-commerce platform, and this new partnership will facilitate
safer, simpler and more secure payments via mobile money wallets.
There are over 277 million registered
mobile money accounts in Africa, far more than the number of open bank
accounts, giving mobile money the potential to be a primary enabler of e-commerce
payments in Africa, according to ITNewsAfrica.
This is what MallforAfrica and TransferTo
are counting on, and what they are facilitating through their partnership, with
initial rollout set to benefit online shoppers in Nigeria, Ghana, Kenya, and
Rwanda.
Digital payments through mobile money
TransferTo’s global payments network will
provide MallforAfrica customers with the ability to directly purchase goods
online using their mobile wallets.
The mobile payment network is creating a
simple and intuitive payment experience through one single API integration,
offering a popular alternative to credit card payments in countries where penetration
of banking services is low, which is the case in many parts of Africa.
The Internet’s contribution to Africa’s
gross domestic product was calculated at 1.1 percent in 2013, much lower than
other emerging markets. But this could rise to 10 percent, or $300 billion, by
2025, while e-commerce alone will be worth $75 billion, according to a report
by consultants McKinsey’s
& Company.
At the moment, the e-commerce sector in
Africa is held back by a lack of secure and simple payment solutions due to a
large unbanked population but, through mobile money accounts, this is set to
change.
Eric Barbier, CEO of TransferTo, expressed
his happiness in relation to the partnership between his company and
MallforAfrica.
“We
are extremely delighted to be working with MallforAfrica to help them better
cater to their customers and connect Africa with global retailer merchants.
TransferTo will now be a major payments solution provider for MFA to focus on
growth and expansion into other markers,” Barbier
said, according to a TransferTo statement.
“With
this partnership, we have an amazing opportunity to help meet the growing
demand for e-commerce across Africa and offer a secure and convenient payment
infrastructure,” he added.
In the same statement,
Chris Folayan, CEO of MallforAfrica explained his excitement regarding the
digital payments partnership.
“With
cross-border payments and e-commerce as two of the leading topics right now, we
are elated to be partnering with such a dynamic company that can aid us with
our payment options, allowing us to expand rapidly,” said Folayan.
“We
always aim to make a difference in our customers’ lives all while offering a
seamless experience and are continually looking for ways to enhance their
experience. By partnering with TransferTo we are doing just that and know our
customers are in great hands,” he added.
This article was featured in AFK
Insider.
