Airtel Africa partners Finablr for international money remittances

Telecom operator Airtel Africa on October 22 said it has partnered with payment and foreign exchange services firm Finablr to enable customers to transfer money from over 100 countries to their Airtel wallets in Africa.

The service is expected to be launched market-by-market in a phased manner, with the first country to go live by year-end, the company said in a statement.

"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," Airtel Africa CEO Raghunath Mandava said.

The arrangement will allow customers to leverage Finablr's global network to send money from over 100 countries into Airtel Money mobile wallets across Africa.

Inbound remittances to Sub-Saharan Africa grew nearly 10 percent to $46 billion in 2018, as per World Bank estimates.

As an outcome of the arrangement, Airtel Africa mobile money operations will be integrated with Finablr's technology platform and global network to facilitate seamless inward and outbound cross-border payments, the statement said.

Additionally, Airtel Africa will leverage Finablr's technology capabilities to develop and deploy digital solutions, enabling African expatriates to settle payments into Airtel Money wallets in real time through Airtel Money mobile app and Airtel Africa online portal, the statement said.

"Together, building on the strength of our technology platform, we are delivering fintech at scale, thereby empowering consumers and businesses across the continent," Finablr Group CEO Promoth Manghat said.

The partnership with Airtel Africa will help accelerate Finablr's expansion across the continent with potential access to Airtel's over 100 million subscriber base.

Following the launch, the partners will explore additional opportunities, including intra-Africa payments and other value-added services, it said. Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.