Airtel, MTN launch money transfer service in Africa

South Africa-based MTN Group and Bharti Airtel today announced a partnership to launch money transfer service between Ivory Coast and Burkina Faso for their customers.
"The landmark partnership will enable mobile money customers of MTN Ivory Coast and Airtel in Burkina Faso to easily transfer money between the neighbouring countries," the companies said in a statement.
It added until now, moving money between the two countries was mired by high fees, high usage of informal channels and a lack of proximity to withdraw money.
"This is the first cross border mobile to mobile remittance service in West Africa and it has been designed to eliminate current pains associated with remitting funds between both countries...," Airtel Africa Group Director for Airtel Money Chidi Okpala said.

As of December 31, 2013, MTN Mobile Money had 14.8 million registered users and was available in 14 countries. Bharti Airtel has 27 million registered users across 17 countries in Africa.
"With a sizeable community of Burkinabe working in Ivory Coast and sending money back to their home country, the partnership will greatly enhance the Mobile Money service for customers in both countries," MTN Group Chief Commercial Officer Pieter Verkade said.