Mansa raises $10mn to tackle cross-border payment hitches
Mansa has closed its 10-million-dollar funding round as it seeks to address liquidity challenges facing global payment companies in cross-border payments. Mouloukou Sanoh, CEO and Co-Founder of MANSA, joins CNBC Africa for this discussion.
Mon, 24 Feb 2025 12:06:46 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Mansa secures $10 million in funding to address liquidity challenges in global cross-border transactions, focusing on improving payment efficiency to benefit African markets.
- The utilization of stablecoins by MANSA enhances the speed, cost-effectiveness, and security of global remittances and payment settlements, offering a hedge against currency devaluation.
- MANSA's impressive adoption metrics, including $27 million in transaction volumes and 500 percent growth since August, indicate growing demand for its services across various African regions, with a particular emphasis on West Africa.
Mansa, a fintech startup, has recently closed a 10-million-dollar funding round aimed at addressing liquidity challenges faced by global payment companies in cross-border transactions. The CEO and Co-Founder of MANSA, Mouloukou Sanoh, joined CNBC Africa for a discussion regarding the significant milestone for the company. Sanoh expressed gratitude for the opportunity to be on the show and highlighted MANSA's mission to revolutionize the movement of money, particularly focusing on the African continent. Currently, payment companies struggle with sending money to Africa due to high fees, long transaction times, and subpar payment infrastructure. MANSA collaborates with various payment entities, including B2B payments, remittance companies, and forex firms, to provide the liquidity necessary for faster, cheaper, and more efficient transactions, ultimately benefiting end-users. Sanoh emphasized that stablecoins play a crucial role in improving global remittances and payment settlements. Stablecoins, digital representations of fiat currency like the U.S. dollar on the blockchain, enable seamless, fast, and cost-effective cross-border transactions. This technology offers a hedge against inflation and currency devaluation, particularly vital for emerging markets like Africa where local currencies experience significant fluctuations in value compared to major global currencies. MANSA's adoption metrics have been impressive, with transaction volumes reaching $27 million and a remarkable 500 percent growth since August. The company continues to scale rapidly, boasting a monthly growth rate of 37.5 percent. While West Africa, specifically Nigeria and Ghana, has shown strong demand for MANSA's services, other regions like East Africa and Francophone Africa are also witnessing increased transaction activity. Sanoh concluded the interview by expressing optimism for the future of MANSA and its mission to transform cross-border payments, with a focus on innovation, efficiency, and customer satisfaction.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.
