Airtel Africa and Finablr: Global Partnership

RNS Number : 6237Q

Airtel Africa PLC

22 October 2019

 

Airtel Africa and Finablr Announce a Global Partnership to

Facilitate Seamless Inbound and Outbound Cross-border Payments

London, 22 October 2019: Airtel Africa, a leading telecommunications service provider, and Finablr, a global platform for payments and foreign exchange solutions, have entered into an extensive global partnership that will see the two companies bringing together their complementary capabilities. As an outcome of the arrangement, Airtel Africa mobile money operations will be integrated with Finablr's technology platform and global network to facilitate seamless inward and outbound cross-border payments.

The arrangement will allow customers to leverage Finablr's global network to send money from over 100 countries into Airtel Money mobile wallets across Africa, in a convenient, secure and cost-effective manner. Additionally, Airtel Africa will leverage Finablr's technology capabilities to develop and deploy digital solutions, enabling African expatriates to settle payments into Airtel Money wallets in real time through the Airtel Money mobile app and the Airtel Africa online portal. The services are expected to be launched market-by-market in a phased manner, with the first country to go live by year-end. The launch will be supported by a comprehensive worldwide marketing programme to introduce the new services to African communities overseas and to receivers in Africa.

Through this partnership, Airtel Africa benefits from gaining access to Finablr's global payments connectivity, technology platform and its omnichannel sourcing and distribution capabilities spanning 170 countries. For Finablr, the partnership with Airtel Africa will help accelerate its expansion across the continent with potential access to Airtel's 100 million+ subscriber base. The partnership is viewed by both parties as long term with significant potential to grow. Following the launch, the partners will explore additional opportunities including intra-Africa payments and other value-added services.

Promoth Manghat, Group CEO of Finablr, commented, "We are delighted to partner with Airtel Africa, and join hands to deliver affordable and reliable payments services to customers. Together, building on the strength of our technology platform, we are delivering fintech at scale thereby empowering consumers and businesses across the continent."

Raghunath Mandava, CEO of Airtel Africa, said, "We are excited that Airtel Money will collaborate with Finablr to introduce global payments services, enabling customers to make cross-border remittances, pay bills, make purchases and withdraw cash from our outlets and agents across the continent. This is another important example of how mobile technology will play a key role in changing the way people connect with their homes in Africa."

Inbound remittances to Sub-Saharan Africa grew nearly 10 percent to reach US$46 billion in 2018 as per World Bank estimates and, as the primary source of external financing in the region, is critical for its socio-economic development. With the average cost of 9.4 percent, Sub-Saharan Africa ranks amongst the most expensive remittance corridors globally. The partnership between Airtel Africa and Finablr will harness the true potential of mobile financial services by simplifying and streamlining remittances into the region. This reflects the shared commitment of the companies towards driving financial inclusion and supporting the UN Sustainable Development Goals by reducing the cost of remittances.

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For enquiries, please contact:  

Airtel Africa: Investor Relations Pier Falcione, Anna Kaim +44.20.7493.9315  [e-mail]	Finablr: Investor Relations Ryan Ayache +971.56.681.5321 [e-mail]
Airtel Africa: Media Relations Kevin Soady, Katherine Fennell [phone] Michael Okwiri                       [e-mail]	Finablr: Media Relations Faiz Habib +971.52.623.1113 [e-mail]

About Airtel Africa

Airtel Africa (LSE: AAF; NSE: AIRTELAFRI) is a leading provider of telecommunications and mobile money services, with a presence in 14 countries in Africa, primarily in East Africa and Central and West Africa.

Airtel Africa offers an integrated suite of telecommunications solutions to its subscribers, including mobile voice and data services as well as mobile money services both nationally and internationally. The Group aims to continue providing a simple and intuitive customer experience through streamlined customer journeys.

About Finablr

Finablr (LSE: FIN) is a global platform for Payments and Foreign Exchange solutions underpinned by modern proprietary technology. With deep regulatory know-how, a relentless focus on innovation and leading industry partnerships, Finablr's group companies provide a broad array of tailored and trusted financial solutions for consumers and businesses across a wide network of digital channels, payments platforms and retail stores.

Finablr is present across the entire payments and foreign exchange value chain, from origination to processing to last-mile distribution. An integrated platform is at the heart of group's proposition, supporting an omni-channel strategy underpinned by best-in-class operating capabilities and connectivity to global payment networks. Driven by technology, the platform combines flexibility with significant economies of scale, making Finablr a partner of choice for leading global banks, financial institutions, retailers, mobile wallet providers and payment & technology companies.

Through its category renowned brands, including UAE Exchange, Travelex, Xpress Money, Unimoni, Remit2India, Ditto and Swych, Finablr processed over 150 million transactions in 2018, managing nearly USD 115 billion in volume for its customers. The groups global reach spans over 170 countries with relationships with more than 100 regulators.

For more information, visit the Finablr website: www.finablr.com

 

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