Airtel, MTN launch money transfer service in Africa

Kolkata : South Africa's MTN Group and Bharti Airtel inked a cross-border remittance pact Tuesday that will enable their respective mobile money customers in Ivory Coast and Burkina Faso to transfer cash between the neighbouring countries.

Such international money transfers have till date been mired by high fees, high usage of informal channels and a lack of proximity to withdraw money.

"MTN has seen strong adoption levels of mobile money in Ivory Coast, and Airtel, in Burkina Faso. With a sizeable community of Burkinabe working in Ivory Coast and sending money back to their home country, the partnership will enhance the mobile money service for customers in both countries," said Pieter Verkade, MTN's chief commercial officer, in a joint media statement.

"This partnership is the first cross border mobile to mobile remittance service in West Africa and it has been designed to eliminate current pains associated with remitting funds between both countries," said Chidi Okpala, Airtel Africa group director ( Airtel Money) in the media statement.

MTN Mobile Money enables users to perform local and international money transfers, make utility and other service payments, purchase airtime and access range of mobile financial products.

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