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(Sharecast News) - Airtel Africa on Tuesday partnered with Finablr in order to develop a "seamless" cross-border payments system for the former company's mobile money operations.
The collaboration will see the FTSE 250-listed duo working to integrate Airtel's mobile money operations with Finablr's technology platform and global network, with the aim of allowing customers to send money from over 100 countries into mobile wallets across Africa.
The services, which will be supported by a comprehensive worldwide marketing programme, are expected to be launched market-by-market in a phased manner, with the first country expected to go live before the end of the year.
While the telecoms giant will benefit from gaining access to Finablr's technology, omnichannel sourcing and distribution capabilities spanning 170 countries, Finablr will gain potential access to Airtel's 100 million+ subscriber base.
Airtel added that it will continue to explore additional opportunities with its new partner, including intra-Africa payments and other value-added services.
Airtel chief executive Raghunath Mandava said: "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.
"This is another important example of how mobile technology will play a key role in changing the way people connect with their homes in Africa."
At 0948 BST, Airtel Africa shares were up 1.48% at 58.35p and shares in Finablr were 1.20% higher at 162.92p.
13 Jun 2024 16:15
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