Menu

WorldRemit, a leading digital money transfer service, has launched its low-cost digital money transfer service in South Africa, thereby allowing customers to send money to over 145 destinations worldwide.

Per the statement released by WorldRemit on Wednesday, using the WorldRemit application or website, customers in South Africa can now send money as easily as sending an instant message to global destinations, including Zimbabwe, Mozambique, the United Kingdom, India and Pakistan.

Targeting the growing money transfer market in Africa, WorldRemit recently opened a new office in Johannesburg with the aim of expanding its partner network across the African continent.

South Africa, according to the World Bank, is the most expensive G20 country to send money from with an average cost of over 15 per cent for sending $200 – more than double the global average. WorldRemit aims to bring this percentage down to only 5 per cent for its customers.

WorldRemit’s fees and exchange rates are shown to customers up-front, and senders from South Africa can choose from any of the payout options, including bank transfer, cash pick-up and mobile money. Currently, 68 per cent of remittances from South Africa are sent through informal channels such as unregistered courier services and buses crossing the border.

“South Africa is one of our top ten remittance receiving countries, with transactions to the country growing by over 50 per cent year-on-year,” said Andrew Stewart, WorldRemit’s Managing Director for Middle East and Africa. “We are delighted to start this next phase of our growth, enabling customers in South Africa to make digital money transfers to 145 countries worldwide.”

WorldRemit currently handles digital money transfers from the United States, United Kingdom, European and Asian countries to over 40 African countries, including Nigeria, Niger, Tanzania, Chad, Congo DRC and Gambia. Its customers complete over one million transfers every month from over 50 countries to more than 145 destinations.

WorldRemit offers complete transparency because both senders and recipients receive notifications with details of how much has been sent. Senders can also use the ‘track your function’ service to check the status of their transactions in real time.

Last year, WorldRemit became the online money transfer service partner for Arsenal Football Club in a global sponsorship deal.