WorldRemit partners MTN, others to offer money transfer service in Cameroon

03 Nov 2016
Financial Nigeria

Summary

WorldRemit said its customers can send instant overseas money transfers to over 2.6 million registered MTN Mobile Money accounts in Cameroon.

Ismail Ahmed, Founder and Chief Executive Officer, WorldRemit

WorldRemit, a global online remittance provider, said today that it has completed strategic deals with local partners in Cameroon to allow the company offer digital money transfers to the Central African country.

The London-based company said its new partnerships with MTN Mobile Money, Express Union, and Banque Atlantique will allow customers to send money instantly and securely to friends and relatives in Cameroon.

WorldRemit said its customers can send instant overseas money transfers to over 2.6 million registered MTN Mobile Money accounts in Cameroon. WorldRemit transfers can also be collected in cash at Express Union locations or branches of Banque Atlantique. Furthermore, WorldRemit said transfers can be sent directly to any bank account in Cameroon.

“Sending money through our app becomes as easy as sending an instant message – no more waiting in line at expensive money transfer agents,” said Catherine Wines, Co-founder and Executive Director at WorldRemit.  “Our partnerships with trusted brands like MTN Mobile Money, Express Union and Banque Atlantique offer unrivaled local expertise and more payout options to the benefit of consumers.”

Just like most other African countries, remittances play an important role in Cameroon’s economy. The Central African country received over $244 million in remittances in 2015, according to the World Bank, more than double the amount in 2010. With only 12% of adults in Cameroon holding bank accounts, WorldRemit said it expects high growth in remittances to mobile money accounts. Over half of WorldRemit’s money transfers to Africa are now received via mobile money accounts, the company said.

“We see the diaspora of Cameroon as leading the way in adoption of digital money transfers,” said Wines.

Founded in 2010, WorldRemit is available in 50 countries and 125 destinations worldwide, sending over 500,000 money transfers every month. The company has raised over $140 million from leading venture capital funds including Technology Crossover Ventures and Accel Partners.


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