UBA, African partner firm on innovative payment solutions

The United Bank for Africa Plc and MFS Africa, Africa’s digital payments hub, have entered into a partnership that will enable the two institutions to offer innovative and timely solutions to a wide range of customers, particularly in the area of ​​remittances. funds, e-money services, SME payments, as well as business integration for cross-border payments.

According to a statement, the two financial institutions signed a memorandum of understanding at UBA’s Lagos headquarters, which marked the start of a partnership that would be key to leveraging MFS Africa’s digital payments hub that connects over 400 million mobile money users to a wide range of partners, including mobile money operators, money transfer organizations, Fintechs, enterprise merchants and others, to drive distribution large-scale financial services.

Speaking at the signing ceremony, UBA Group Deputy Managing Director Muyiwa Akinyemi highlighted the benefits for long-term clients.

He said, “We are very pleased to partner with MFS Africa in this venture which will enable us to offer seamless digital solutions to most of our clients’ financial challenges. UBA is ready, and with the value that MFS Africa is known for, we are indeed poised to dominate the entire banking space in Africa.

According to Akinyemi, the partnership would help bolster a range of services that would include a centralized payment hub that enables cross-border payments across multiple rails through a single integration; Inbound and outbound cross-border remittances; Digitization of SME payments; National and cross-border corporate disbursements; Africa-China Remittances Corridor; Bin sponsorship and web acquisition.

Founder and Managing Director of MFS Africa, Dare Okoudjou, said, “As the payments landscape in Africa continues to evolve, we believe fintechs and banks need to deepen their collaboration to expand opportunities that will help facilitate remittances, payments, disbursements and collections for businesses and their consumers in all sectors of the economy in Africa.

About Matthew R. Dailey

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