Airtel Money, Flutterwave to Explore East African Markets
By Adedapo Adesanya
Airtel Money has announced a partnership with an African payments company, Flutterwave, to expand the former’s services to East African markets.
Through the partnership, businesses integrating Flutterwave in Uganda, Tanzania, Zambia, Malawi, Kenya and Rwanda will be able to receive payments from Airtel Money customers and make bulk payments into Airtel Money wallets, thanks to Airtel Money’s proprietary fintech platforms.
The new services will go live subject to regulatory approvals in the respective countries and reach Airtel Money’s 19.2 million customers in East Africa.
This is coming after a month after the fintech company announced a mobile money partnership with MTN Group to integrate Flutterwave in Cameroon, Côte d’Ivoire, Rwanda, Uganda and Zambia to receive payments via MTN Mobile Money (MoMo).
According to the company in a statement, the partnership will positively increase mobile money usage and penetration in Africa and improve local economies and livelihoods, as well as create opportunities for individuals and businesses across the continent.
Speaking on the development, Airtel Mobile Commerce BV CEO, Mr Vimal Kumar Ambat commented: “Airtel Money is committed to bridging the digital divide and enhancing financial and digital inclusion for millions of businesses across sub-Saharan Africa. Our partnership with Flutterwave will help to empower even more customers through simple and accessible payments services, using the latest technologies, that support business innovation and boost local economies.”
On his part, Flutterwave founder and CEO, Mr Olugbenga Agboola, stated that, “Our business goal is to continue to support African businesses digitise their payments methods and introduce them to a world of opportunities that come with digitisation.
“We are excited to have partnered with Airtel Money to further advance local businesses payment methods which will allow them to increasingly provide more services to their customers, grow their customer base and revenue.”
The development of Mobile Money in Africa has been nothing but remarkable and commendable with approximately 144 mobile money providers operating in Africa, with M-Pesa having over 50 million users and MTN MoMo having over 48.9 million users.
Furthermore, the International Monetary Fund (IMF) estimates show that Africa has more digital financial services users than any other region in the world, accounting for nearly half of the 700 million individual users globally.
COVID-19 has also triggered a widespread shift in the adoption of mobile money services, with the GSMA reporting a 12.7 per cent increase in the number of registered global mobile money accounts in 2020.
As the trend continues its upward spike, this partnership further responds to the growing dominance of cashless societies across the sub-Saharan region and the need to penetrate digital innovation deeper into communities across Africa.