TOP CROSS-BORDER PAYMENT COMPANIES IN AFRICA ON RECENT GLOBAL RANKING

Money knows no borders, but sending it across borders used to be a Herculean task, especially in Africa, where it was particularly challenging. While it's still no walk in the park, the proliferation of payment companies on the continent has made the process much more manageable than before.

・Business Insider Africa presents the top cross-border payment companies in Africa.

・The list is courtesy of FXC Intelligence.

・Companies like Flutterwave, Africa's highest-valued startup, M-PESA, and MTN Mobile are top cross-border payment companies in Africa on global ranking

Not too long ago, navigating cross-border payments in Africa was akin to solving a complex puzzle with missing pieces. With 54 different countries and loads of different currencies, sending and receiving money was a difficult task. And the headache of cross-border payments didn't stop at the African borders either.

Whether it was remittances from family members abroad or payments for international trade, the process was often riddled with delays, high fees, and tons of paperwork to deal with.

DON'T MISS THIS: Top fintech companies in Africa 2023

However, the advent of digital payment solutions now makes it easier than ever for Africans to transact across borders.

Companies like Flutterwave, Africa's highest-valued startup, M-PESA, and MTN Mobile are solving the cross-border payment problems of businesses and individuals on the continent and beyond.

Below are the top cross-border payment companies in Africa on recent global ranking:

Flutterwave

Established in 2016 and helmed by CEO Olugbenga Agboola, Flutterwave is a Nigerian fintech company that offers payment infrastructure for global merchants and payment service providers operating in Africa. It is Africa's highest-valued startup, valued at $3 billion.

Through Flutterwave's API, businesses can seamlessly collect payments and process payouts worldwide, supporting over 30 currencies. As of December 2023, Flutterwave has facilitated over 550 million transactions, and more than $32bn in volume.

M-PESA

M-PESA, established in 2007, is led by CEO Sitoyo Lopokoiyit and primarily focuses on remittances. Jointly founded by Vodafone and Safaricom, a prominent telecoms provider in Kenya, M-PESA operates as a mobile phone-based international money transfer service.

It caters to over 51 million customers across seven African nations, boasting a network of 604,000 agents continent-wide. Vodafone reports that M-PESA facilitates over $314 billion in transactions annually.

MTN Mobile

Established in 1994, MTN is led by CEO Ralph Mupita. The telecom giant mobile money solution enables payments across multiple African countries, including international money transfers, mobile phone top-ups, purchases, and bill payments.

It operates under the umbrella of MTN Group, a prominent mobile telecoms company in Africa serving 295 million customers across 19 markets. In 2023, the group's fintech revenue increased by 21.4% to R21 billion, contributing to a 6.8% rise to R221 billion ($12 billion) in total revenue.

Orange Money

Established in 2008 and led by CEO Aminata Kane Ndiaye, Orange Money is a mobile-phone based money transfer platform owned by Orange, a prominent French international telecoms company.

Since launching in Côte d’Ivoire, the service has amassed 90 million customers in 17 countries. In 2020, Orange expanded its financial services offering with the launch of its bank, Orange Bank Africa.

Onafriq

Established in 2009 and led by CEO Dare Okoudjou, Onafriq (formerly MFS Africa) is a pan-African company that operates the largest digital payments gateway on the continent. It facilitates connections between over 500 million mobile money wallets across 40 African countries and 1,300 corridors.

Onafriq has raised around $220m in funding, with its latest round being a $200m Series C in June 2022. The company has partnered with Western Union to extend services across millions of mobile wallets in Africa from over 200 countries and territories. In January, Onafriq partnered with embedded finance platform provider Alviere to enable remittances from the US to African countries.

Mukuru

Mukuru, established in 2004 is led by CEO Andy Jury. The platform provides cash collection and bank and mobile wallet top-up services, enabling individuals to send money to Africa from anywhere in the world.

With more than 13 million customers, the company has enabled over 100 million money transactions globally. Mukuru has 320,000 pay-in and payout locations, and 42 branches across Africa. It operates in over 50 countries across over 300 remittance corridors.

2024-05-02T15:21:27Z dg43tfdfdgfd