Over the past five years, mobile money has become increasingly valuable in Africa. Today, it has become the largest payment tool in Africa. Its continent-wide interoperability has the potential to further unlock the potential of intra-African trade.

Digital payment gateway fintech MFS Africa announced on 16 February 2022 that it has joined the Pan African Payment and Settlement System (PAPSS). The PAPSS was launched in January 2021 by the African Continental Free Trade Area (AfCFTA). 

According to the fintech, the partnership will enable its 320 million African mobile money customers to receive and make merchant payments in the 54 member-States of the AfCFTA.

Joining the PAPSS, according to Dare Okoudjou (pictured), founder and CEO of MFS Africa, translates a desire to further enrich this pan-African solution that "provides small and medium-sized enterprises (SMEs), entrepreneurs and merchants with easier access to formal payment services that will help them grow their businesses.”

In its "State of the Industry Report on Mobile Money 2021," the Global System Operators' Association (GSMA) said Africa was once again the champion in mobile payments with $490 billion exchanged on the continent compared to $767 billion globally. The number of mobile money accounts was 548 million on the continent compared to 1.2 billion globally.

“Africa is the global leader in mobile money services...This demonstrates how mobile money services play a key role in the continent's economic growth and facilitate financial inclusion,” said Mike Ogbalu III, CEO of PAPSS,

Adoni Conrad Quenum