The United Bank for Africa (UBA) Plc, which is known as Africa’s Global Bank, and MFS Africa, which is the continent’s largest computerized payments hub, have signed a collaboration that will allow them to help a wide range of clients with creative and valuable solutions, especially in the areas of money transfers, electronic money services, payments to small and medium-sized businesses, and working with other businesses to make cross-border payments.
Ghana, Nigeria, Côte d’Ivoire, Kenya, Cameron, Zambia, Tanzania, Uganda, the Republic of Benin, Chad, Burkina Faso, Congo, the D.R. Congo, Gabon, Mozambique, Guinea, Senegal, Liberia and Sierra Leone, and Senegal are among the 20 African nations in which UBA has operations. They supposed to be taken care of by these initiatives
The two companies signed a Memorandum of Understanding (MoU) on Tuesday at the UBA Head Office in Lagos, Nigeria. This marked the beginning of a partnership that will be important for using MFS Africa’s electronic payment center point.
It connects more than 400 million mobile money users to a wide range of partners to drive the spread of financial services at scale. These partners include Mobile Money Operators, Money Transfer Organizations, Fintechs, Enterprise Merchants, and others.
Muyiwa Akinyemi, who is the Group Deputy Managing Director of UBA, was the one who spoke during the commemoration event. He expressed his excitement about the numerous benefits UBA customers will receive due to the association’s involvement.
We are overjoyed to be working with MFS Africa on this effort, which will include us providing continuous automated solutions for most of our customers’ monetary issues. According to Akinyemi, “UBA is ready, and with the value that MFS Africa is known for, we are to be sure positioned to overwhelm the whole financial space in Africa.”
He thought that the organization would help support several services, one of which would be a centralized payment center that would let get-line payments be made on different rails through a single connection: Inbound and outbound cross-border settlements; digitization of small and medium-sized enterprises (SME) payments; domestic and cross-border disbursements for corporations; remittances along the Africa–China Corridor; bin sponsorship and web acquiring.
The founder and CEO of MFS Africa, Dare Okoudjou, said: As the payments scene in Africa continues to grow, we believe that Fintechs and banks need to work together more to open doors that make it easier for businesses and their customers in all parts of the African economy to settle, make payments, and buy goods.
So, we’re happy to welcome UBA as our new financial partner in Africa.”We are aware of the attributes and capabilities of UBA, which is why we will be working together to provide access to further opportunities for a significant number of African purchasers and organizations across the 20 countries in which they are present in Africa,” Dare added