MFS Africa, the largest mobile money aggregator in Africa, has selected Visa’s former Vice President of Strategy and Sales for Emerging Markets Digital, Reg Swart, as its newest Chief Commercial Officer.
Reg Swart brings nearly two decades of executive leadership and experience to MFS Africa, which connects over 120 million mobile money recipients across all major mobile networks in the continent. He most recently served as senior VP of Global Business Development at Fundamo, a giant mobile financial services provider in developing economies which was acquired by Visa for $110 million in 2011.
In his new role, Mr. Swart will be tasked with driving strategic business plans following accelerated revenue growth during the past 12 months. He will also be responsible for spearheading MFS Africa’s efforts to increase volumes by expanding its relationships with existing and new mobile operators.
Reg has in-depth experience in mobile banking and payments and has been instrumental in the rolling out of several mobile wallets throughout Africa and the Middle East. He holds a degree in Business Science from the University of Cape Town as well as a post-graduate diploma from the Harvard Business School.
Mobile wallets are Africa’s bank accounts
With more than 45 million registered wallets across 13 countries, the MFS Africa Hub enables mobile money operators to extend the P2P service beyond their borders. The network works to facilitate transactions across networks and borders using a single API, ensuring compliance with the necessary regulations. It gives operators, banks and money transfer organisations the ability to give customers more flexible payment options.
Commenting on his appointment, Reg Swart, CCO at MFS Africa, said: “MFS Africa has established a payment network that is connected to over 120 million mobile wallets throughout 24 markets, and boasts an impressive host of international blue chip clients. Mobile wallets are Africa’s new bank accounts. By connecting 75% of these wallets, MFS Africa has quietly established the next generation payment network for Africa.”
Dare Okoudjou, CEO and founder of MFS Africa, added: “Our accelerated growth has meant that we need a proven industry practitioner with expertise in building and monetising large-scale networks. Reg will be an intrinsic part of continuing MFS Africa’s growth over the coming years. His experience means he brings unique insight into the individual markets making up the African continent, and the future of payments globally.”