WorldRemit is targeting Kenya, Tanzania, Uganda, and Rwanda in the rollout of this new service.
The money transfer company offers affordable and fast money transfer options compared to other remittance companies in Africa, making its services attractive to small and medium enterprises.
WorldRemit also trades in all major currencies in Africa, making it the go-to money transfer platform on the continent.
The New Innovation
The new innovation will cut down the cost of cross-border money transfers thereby solving the issue of high charges on the continent. According to the chief executive and co-founder of WorldRemit, Ismail Ahmed, this problem is a barrier to the continent’s free trade agreement signed in March 2018.
The new innovation is also taking advantage of the fact that its money transfers to Africa have been growing by 80 per cent year-over-year, with the company transferring over $1.6 billion annually.
The company also boasts a large network of distributors in the Pan-African region and it has created several partnerships with companies such as Equity Group, Finserve, and Safaricom.
“Just as WorldRemit has revolutionized the way people send money from developed countries, our vision is to do the same within Africa. From the frequent traveler, who works in different countries, to the small business owner buying goods abroad, our new fast service will offer the benefits of lower cost and greater convenience.” Said Ahmed
The new digital service will allow customers to send and receive money using local banks, mobile money, and cash pick-up points.
WorldRemit also enables its customers to send money from more than 50 countries to over 145 destinations across the globe.
During the launch of Finserve’s diversified financial services app mKey, the fintech’s managing director, Jack Ngare, announced a partnership with WorldRemit as it plans to roll out a remittances feature this month.
In 2017, WorldRemit partnered with football club Arsenal FC in an online money transfer deal.