MFS Africa, the fintech company that is aggregating mobile money transactions across Africa, has further added to the depth and experience of its management team.
The company, which enables inter-network m-finance transactions between different mobile money applications, has appointed Arthur Kirsten as Head of Risk and Compliance. Kirsten was previously acting Compliance Director for Sub-Saharan Africa at financial transfer services specialist MoneyGram.
He will be tasked with ensuring that MFS Africa's compliance systems, Know Your Customer (KYC) and Anti-Money Laundering (AML) practices "surpass industry standards." MFS Africa currently enables 120 million m-commerce users across Africa to make transactions across network and geographic borders by hooking up with multiple local specialists, including major m-commerce players such as Vodafone (M-PESA), Orange (Orange Money), MTN (MTN Mobile Money), Millicom (Tigo Cash) and more across more than 20 countries. (Significantly, MFS Africa does not yet have any agreements with m-commerce players in South Africa.)
"MFS Africa is truly at the forefront of the industry by bringing interoperability and scale to digital payments in Africa," stated Kirsten in a prepared statement. "This means it is crucial for us to stay ahead of compliance requirements and lead the industry in terms of risks management solutions and it's my job to keep it here," he added.
Kirsten's appointment follows the recent news that experienced mobile industry executive Michael Joseph, who helped to launch the M-PESA mobile finance service in Kenya, has joined the company as a non-executive director. (See Boardroom Boost for Fintech Specialist MFS Africa.)
— Ray Le Maistre, , International Group Editor, Light Reading for Connecting Africa.
The 2020 Fortune Change the World List has ranked Kenya's Safaricom in seventh place because of the positive impact of M-Pesa and healthcare-focused service M-Tiba, which helps Kenyans pay for medical bills with mobile money.
Safaricom is launching an M-Pesa 'super-app' which will let SMEs create their own business apps within the mobile money ecosystem, according to CIO, George Njuguna, who was speaking at East Africa Com.
Africa was the birthplace of Mobile Money and while it continues to rise in popularity, the industry is quickly evolving and launching more mobile-based financial services every day. In this Connecting Africa online event, local analysts and industry stakeholders will discuss how telcos are disrupting the financial services space and what the rise of Mobile Money 2.0 will look like for Africa.
From cash to mobile: heading towards a cashless society
Expanding MFS offerings beyond mobile money transfers
MNOs vs banks vs fintechs: an evolving competitive landscape
Unconnected and unbanked: fintech to improve financial inclusion
The rise of micro-loans and insurance through mobile platforms
Africa has the fastest growing population in the world and also the youngest, with 60% of Africans under the age of 25. It is clear that the next billion connected are going to be the mobile-only generation. This digital symposium will bring industry experts together to discuss Africa’s digital divide and how to get devices into the hands of young Africans and empower them to join the digital revolution.
Who’s Driving? The role of government & regulator, private tech companies, and public-private partnerships
Device affordability: are we reaching a tipping point?
Status check: Satellite vs Fiber and the enduring infrastructure gap
Exploring the wider societal and economic benefits of a connected, digitally literate continent