Western Union partners with MFS Africa in line with its Evolve 2025 Strategy
- Western Union has partnered with MFS Africa; one of the largest payments platform in the continent.
- The move is part of Western Union's ellaborate and aggressive 'Evolve 2025' Strategy.
Western Union has partnered with MFS Africa, one of the continent’s largest payment platforms. The
Collaboration is in line with the cross-border money transfer company’s Evolve 2025 Strategy.
Western Union - MFS Africa partnership
As highlighted in a joint statement on Friday, the partnership between MFS Africa and Western Union will see Western Union customers in 200 nations across the globe transfer funds to the over 400 million mobile wallets encompassed in the MFS network. This service will be launched in Madagascar before spreading to other African countries.
Indeed, the African remittance market is expansive. Over 160 million Africans work and live outside the continent. The subsequent remittances account for about 2-3% of the region’s GDP. Indeed, the collaboration between MFS Africa and Western Union is proof that the continent’s remittance market is a vital part of the payments company’s Evolve 2025 Strategy.
Western Union’s Evolve 2025 Strategy
Western Union is keen on implementing its ‘Evolve 2025’ strategy, which is aimed at modernizing its offerings and overall business model. The payments giant’s CEO, Devin McGranahan explains that this strategy is focused on “developing and delivering products that drive financial inclusion and enable our customers to move up the ladder of financial well-being”. This is meant to place the firm as the leading provider of financial services that are both accessible and custom-made to its target market.
In order to accomplish this goal, Western Union is striving to launch its digital wallet services and banking to several markets across the world. For instance, about a week ago, the company announced its partnership with 7-Eleven Mexico.
The move is aimed at allowing customers in the South American country to send and receive funds from the over 1,800 7-Eleven stores in the country to any of the over 200 nations that constitute the Western Union network.
Besides, it recently partnered with Australia’s BeforePay. The collaboration combined BeforePay’s wage-advance offering and Western Union’s cross-border money transfer service.