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Programme

MFS Africa

January 2019 - December 2023

MFS Africa is the largest mobile money hub in Africa, with over 170 million users connected, and growing.

Remittances provide a financial safety net for vulnerable households across Africa by enabling the diaspora, both within and outside Africa (including migrant workers), to send money home. Remittances also fund households to act on economic opportunities that contribute to household resilience.

Mobile payments are becoming a crucial channel for remittances, and they also improve consumer access to basic services (information, education, utilities and financial services) that benefit people on low incomes.

MFS Africa makes it easier to make mobile payments to and from issuers of payments services. It can support a growing number of services within the remittance payments business, reducing the cost of transactions and facilitating the use of payments for other services.

FSD Africa Investments’ funding, alongside that of other investors, will allow MFS Africa to scale its operations, open new remittance corridors within Africa, and between Africa and other continents, and build on its existing capability to offer merchant payments and e-commerce services. The investment will also help MFS Africa to develop new business lines such as agrifinance, agri-extensions, micro-insurance, and data-analytics, among others.

With higher volumes of remittances comes the ability to reduce costs to the consumer, improve the efficiency of payments, and open up services that will allow the African consumer to gain more access to health, education, and other basic services.

Targets:

By the end of the investment period, we anticipate that MFS will be transferring £1.8bn in transactional value annually.