MoneyGram International, a US-based money-transfer company serving 200 countries, is partnering with Airtel Africa, a subsidiary of India-based telecommunications firm Bharti Airtel, to allow 19 million users of the Airtel Money service in 12 countries to receive MoneyGram remittances directly into their mobile wallets. These funds then can be withdrawn at Airtel Africa service locations or used to purchase goods and services electronically. Pending regulatory approval, the new service will launch in late 2020.
“This is a significant step forward in our ambition to transform lives through greater financial inclusion and empowerment across the continent. Maximizing access to global remittances is a key part of this – even more so given the disruption and economic hardship faced by many because of the COVID-19 pandemic,” said Airtel Africa CEO Raghunath Mandava.
MoneyGram is a publicly-traded company based in the city of Dallas. As of the quarter ending June 2020, it reported total revenues of USD 280 million on total assets of USD 4.4 billion.
Founded in 2018, UK-based Airtel Africa provides telecommunications services in 14 African countries. For the quarter ending June 2020, it reported 111 million customers and after-tax profits of USD 57 million on total revenues of USD 3.42 billion. Bharti Airtel serves 423 million customers in 18 countries.
By Kate Finster, Research Associate
Sources and Additional Resources
Airtel Africa press release
https://www.airtel.africa/assets/pdf/Press-Release-Airtel-and-MoneyGram-partnership-(ENGLISH).pdf
Airtel Africa 2019-2020 annual report
https://assets.airtel.in/teams/simplycms/web/docs/Airtel-Integrated_Report_and_Annual_Financial_Statements_2019-20.pdf
Airtel Africa 2020 first quarter report
https://airtel.africa/assets/pdf/press_release_q1_2021.pdf
MoneyGram 2020 second quarter report
https://ir.moneygram.com/news-releases/news-release-details/moneygram-international-reports-second-quarter-2020-results
Previous MicroCapital article on MoneyGram International
https://www.microcapital.org/microcapital-brief-moneygram-expands-operations-in-equatorial-guinea-through-15-bange-branches/
Did you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at http://www.microcapital.org/products-page.
Similar Posts:
- MICROCAPITAL BRIEF: Mastercard, Vodafone Fiji Partner to Provide Debit Cards to Mobile Money Users
- MICROCAPITAL BRIEF: Bank of Africa, Sanad Fund Deploying $27m for SME Finance in Morocco
- MICROCAPITAL BRIEF: Oikocredit Loans Yellow of Uganda $5m for Off-grid Solar Energy in Africa
- MICROCAPITAL BRIEF: MICT Buys Tingo, Expands Agritech to Ghana & Malawi, Connecting More Farmers with International Markets
- MICROCAPITAL BRIEF: Diamond Trust Bank (DTB) to Offer Fintechs in Kenya Access to Mastercard Payment Cards
