This archive report was first published on 25 October 2019.
On October 25, 2019, Airtel Africa announced a partnership with Finablr to enable cross-border payments across Africa.
Airtel Africa will leverage Finablr’s technology to develop digital solutions, allowing African expatriates to send money into Airtel Money wallets in real-time through the Airtel Money app and online portal.
According to Raghunath Mandava, CEO of Airtel Africa, “We are excited that Airtel Money will collaborate with Finablr to introduce global payments services, enabling customers to make cross-border remittances, pay bills, make purchases, and withdraw cash from our outlets and agents across the continent.”
The services will be launched market-by-market in a phased manner, with the first country expected to go live by year-end. A comprehensive marketing programme will support the launch, introducing the new services to African communities overseas and receivers in Africa.
With a presence in 14 countries in Africa, Airtel Africa gains access to Finablr’s global payments platform spanning 170 countries, with potential access to Airtel’s 100 million+ subscriber base.
Sub-Saharan Africa received nearly $46 billion in inbound remittances in 2018, a 10% increase from the previous year, according to World Bank estimates. The region ranks amongst the most expensive remittance corridors globally, with an average cost of 9.4%.
The partnership between Airtel Africa and Finablr aims to simplify and streamline remittances into the region, driving financial inclusion and supporting the UN Sustainable Development Goals by reducing the cost of remittances.
Promoth Manghat, Group CEO of Finablr, commented, “We are delighted to partner with Airtel Africa, and join hands to deliver affordable and reliable payments services to customers.”
