Small World FS, a European fintech payment services provider, has announced a partnership with Bharti Airtel, the Indian multinational telco services company.
The African mobile money market is set to soar
Small World FS customers will now be able to send money to Airtel Money wallets in 17 countries in Africa, starting with Kenya, Niger, Uganda and in the Democratic Republic of Congo.
With over 34 million customer wallets and a subscriber base of nearly 70 million across Africa, Airtel Money is one of the largest mobile money providers in Africa. These transactions will be powered by ImpalaPay Mobile, the white label mobile payment technology, and the funds will be sent directly from Small World FS customers straight into Airtel Money mobile wallets.
The World Bank estimates that mobile money will account for $33 billion of inward remittances in 2015. In countries like Kenya, it already accounts for nearly 40% of total remittance inflows.
Nick Day, founder and managing director Small World FS, said: “ImpalaPay and Airtel Money are leading the way in the booming mobile money market in Africa. As such, this announcement marks a great development for Small World FS customers, who are now plugged into this network. With the technological efficiencies mobile technology offer, we are confident that we can significantly lower the cost of transfers to Africa. We look forward to working with Bharti Airtel as we seek to achieve this.”
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