(MENAFN- Caribbean News Global)
MoneyGram Expands Digital Network and Mobile Wallet Capability by Integrating with Global Payment Network, Thunes
JOHANNESBURG/SINGAPORE - MoneyGram International, Inc., 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 the Asia Pacific region and Latin America.
"This partnership marks an important milestone for us. Through this tie-up, Thunes can connect MoneyGram to over 30 markets in Africa, enabling us to significantly expand our reach into the region," said John Gely, Head of MoneyGram Africa. "We are continuously investing in key markets and accelerating digital growth through the integration of mobile wallets and banks, and we believe our partnership with Thunes will further support our strong expansion."
MoneyGram recently reported that account deposit and mobile wallet transactions increased 165 percent in July, which is an acceleration from the second quarter where the company reported 148 percent year-over-year transaction growth. This partnership is expected to further support this strong growth globally and further strengthen MoneyGram's leading position in Africa.
"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," said Peter De Caluwe, chief executive office of Thunes. "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."
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.
"Like MoneyGram, it is important to us that we continue to make essential financial services more inclusive worldwide," said Serigne Dioum, Head of Mobile Money at MTN Group. "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."
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