MoneyGram International, a global leader in cross border P2P payments and money transfers, announced a partnership with leading fintech payment network, Thunes, which will enable MoneyGram’s customers to seamlessly send money directly to mobile wallets and bank accounts globally through the MoneyGram platform.
The global partnership will see additional payment services progressively rolled out in two phases. The first will be in Africa where countries such as Kenya, Tanzania and Uganda lead the continent in mobile wallet usage, while the second will focus on tha Asia Pacific region and Latin America.
According to the GSMA’s 2019 State of the Industry Report on Mobile Money, the mobile money industry is recording astonishing growth with roughly $730 billion global transactions in 2019. The organization reports Africa as one of the fastest growing mobile money transaction continents in the world with an estimated 190 million active wallets.
The COVID-19 outbreak had served to accelerate the trend towards digital payments as people shift away from cash and towards card and contactless payments for health and safety reasons.
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Comments About The Partnership
“Like MoneyGram, it is important to us that we continue to make essential financial services more inclusive worldwide. MoneyGram’s partnership with Thunes is already enabling our customers located across the African continent to receive payments quickly from MoneyGram straight to their mobile phones. This is significant, especially in times where the use of cash has been adversely impacted.”
-Serigne Dioum, Head of Mobile Money at MTN Group said:
“Thunes aspires to bridge the last mile in terms of access to financial services, particularly in emerging markets, and as such, this partnership is a strong fit. Our robust technological capabilities will enable MoneyGram to achieve greater efficiencies which will bring about significant benefits for MoneyGram customers. In working together with MoneyGram, we strive to help them extend their reach worldwide. Beyond Africa, our next step is to facilitate MoneyGram’s expansion into Asia and Latin America.”
-Peter De Caluwe, CEO of Thunes commented:
MoneyGram is a global leader in cross-border P2P payments and money transfers. Its consumer-centric capabilities enable family and friends to quickly and affordably send money in more than 200 countries and territories, with over 70 countries now digitally enabled.
MoneyGram leverages its modern, mobile, and API-driven platform and collaborates with the world’s leading brands to serve millions of people each year through both its walk-in business and its direct-to-consumer digital business.
With a strong culture of innovation and a relentless focus on utilizing technology to deliver the world’s best customer experience, MoneyGram is leading the evolution of digital P2P payments.
Thunes enable mobile wallet providers, platforms, PSPs, money transfer operators and banks to make ﬁnancial services accessible worldwide. Since Thunes was established in 2016, we’ve facilitated real-time transactions for millions of people and businesses across the world.
In this episode of GFA-Attract, we discuss with Kennedy Mubita, Nairobi based Venture Capital Lead for Africa & Middle east at SC Ventures, the venture capital arm of Standard Chartered Bank. SC Ventures is a $100 million fund focused on FinTech investments.