Mobile Money Network Working With MallforAfrica To Enable Digital Payments
Global B2B cross-border mobile payments network, TransferTo, is working with African e-commerce platform, MallforAfrica, to offer digital payments that give online shoppers in Africa access to over 200 major e-retailers across Europe and the U.S.
Founded in 2011, MallforAfrica enables Africans to purchase products from numerous international online retailers through their e-commerce platform, and this new partnership will facilitate safer, simpler and more secure payments via mobile money wallets.
There are over 277 million registered mobile money accounts in Africa, far more than the number of open bank accounts, giving mobile money the potential to be a primary enabler of e-commerce payments in Africa, according to ITNewsAfrica.
This is what MallforAfrica and TransferTo are counting on, and what they are facilitating through their partnership, with initial rollout set to benefit online shoppers in Nigeria, Ghana, Kenya, and Rwanda.
Digital payments through mobile money
TransferTo’s global payments network will provide MallforAfrica customers with the ability to directly purchase goods online using their mobile wallets.
The mobile payment network is creating a simple and intuitive payment experience through one single API integration, offering a popular alternative to credit card payments in countries where penetration of banking services is low, which is the case in many parts of Africa.
The Internet’s contribution to Africa’s gross domestic product was calculated at 1.1 percent in 2013, much lower than other emerging markets. But this could rise to 10 percent, or $300 billion, by 2025, while e-commerce alone will be worth $75 billion, according to a report by consultants McKinsey’s & Company.
At the moment the e-commerce sector in Africa is held back by a lack of secure and simple payment solutions due to a large unbanked population but, through mobile money accounts, this is set to change.
Eric Barbier, CEO of TransferTo, expressed his happiness in relation to the partnership between his company and MallforAfrica.
“We are extremely delighted to be working with MallforAfrica to help them better cater to their customers and connect Africa with global retailer merchants. TransferTo will now be a major payments solution provider for MFA to focus on growth and expansion into other markers,” Barbier said, according to a TransferTo statement.
“With this partnership, we have an amazing opportunity to help meet the growing demand for e-commerce across Africa and offer a secure and convenient payment infrastructure,” he added.
In the same statement, Chris Folayan, CEO of MallforAfrica explained his excitement regarding the digital payments partnership.
“With cross-border payments and e-commerce as two of the leading topics right now, we are elated to be partnering with such a dynamic company that can aid us with our payment options, allowing us to expand rapidly,” said Folayan.
“We always aim to make a difference in our customers’ lives all while offering a seamless experience and are continually looking for ways to enhance their experience. By partnering with TransferTo we are doing just that and know our customers are in great hands,” he added.