WorldRemit launches digital remittance service in Africa
The new digital service is expected to reduce the cost of sending money across borders.
WorldRemit, an international money transfer company, has launched a new digital service within Africa to make it easier to send and receive money across the continent. The first roll-out of the service will be done in East Africa – Kenya, Rwanda, Tanzania and Uganda.
The new digital service, according to a statement by WorldRemit, will reduce the cost of sending money across borders. The company also noted that the prohibitive charges paid by individuals and businesses to transfer money within Africa are major obstacles to the growing regional integration promoted by the African Continental Free Trade Area (AfCFTA) agreement signed by 44 countries in March 2018.
“Just as WorldRemit has revolutionized the way people send money from developed countries, our vision is to do same within Africa,” said CEO and Co-founder of WorldRemit, Ismail Ahmed. “From the frequent traveller, who works in different counties, to the small business owner buying goods abroad, our new fast service will offer the benefits of lower cost and greater convenience.”
WorldRemit transfers more than $1.6 billion to Africa, annually. And it trades in all major African currencies, with an extensive Pan-African distribution network, including bank, mobile money and cash pick-up points.
Last year, the company became Arsenal Football Club’s online money transfer partner in a global sponsorship deal. And currently, it enables transfers from over 50 countries to over 145 destinations globally.
Nwanze said remittances have become a lifeline for fragile and post-conflict societies.
Total migrant worker earnings are estimated to be $3 trillion annually, out of which approximately 85 per cent remains in ...
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