EverSend, the Ugandan multi-currency wallet and currency exchange, has secured $1.015 million in investments.
The startup, which has been growing at a rate of 30% month-over-month has, so far, over 40, 000 registered users. The app enables users and businesses to transfer money from mobile to mobile across borders for up to seven times cheaper than existing bank and wire transfers.
For example, sending KES 3, 000 ($28) from Uganda to Kenya will cost approximately KES 67 ($0.6).
Users can load up mobile money onto the app via mobile money, credit card, and debit cards using any of these currencies:
- Ugandan shillings
- Kenyan shillings
- Rwandan franc
Sending money from an EverSend wallet to another is completely free of charge.
Mobile money payment services have grown substantially in East Africa. Recently, The African Development Bank (AfDB) said East Africa is the fastest-growing region in Africa, despite the current Covid-19 pandemic.
As crypto adoption continues to grow, we can expect these payment solutions to slowly integrate cryptocurrencies and grow the fintech space even further.
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