As the African continent embraces cross-border payment, MFS Africa has empowered the Pan-African Payment and Settlement System's (PAPSS) initiative by announcing a partnership agreement that would help boost PAPSS's network to reach over 300 million mobile money users across markets in Africa. MFS Africa is passionate about making it easy for Africans to send and receive money just like they would place a phone call. The company recently raised $100 million in series C financing in November 2022 and certainly is channeling funds in the right direction.
The continent's trading is consistently progressing, and investing in cross-border payment is vital towards sustainable development. MFS Africa will offer operational efficiency to PAPSS efforts to save the continent from high trade costs by offering users the ability to execute transactions with their mobile devices. This partnership will aid individuals who do not use the traditional banking system by making cross-border payments remotely available to users in both rural and urban areas of Africa.
Africa remains one the most significant market for the mobile money industry, and growth in that sector will not be dropping any time soon, as the influence of PAPSS partnership with MFS Africa will accelerate digital and financial inclusion as individuals and merchants will choose convenience over the protocol of traditional banks.