WorldRemit to Acquire SendWave to Enable Instant, Low-Cost, and Digital Remittance Payments to West and Central Africa

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WorldRemit, a global cross-border payments firm, has announced an agreement to acquire Sendwave, a rapidly-growing app-based remittance firm enabling instant, no/low-cost, and digital payments from Borth America and Europe to Africa.

Sendwave is a leading digital remitance service operating in East and West Africa, with recent additions of South East Asia.

SEE ALSOAirtel Africa Partners with worldRemit to Offer Instant Mobile Money Transfers Across Africa

In a statement, WorldRemit CEO, Breon Corcoran, said:

“WorldRemit has one of the broadest and most accessible networks for money transfers globally.

Combining it with Sendwave, which offers instant, no/low-fee and fully digital payments from North America and Europe to Ghana, Nigeria, Senegal and East Africa, addresses customer needs for fast and secure digital payments – especially given today’s travel restrictions and economic turmoil.”

Sending money via Sendwave is as easy as sending a text.

Here are some stats in the last 12 months on WorldRemit and Sendwave:

  • Both companies had a combined transfer volume of $7.5B generating about $280M in revenues
  • Between June 2019 – June 2020, there was a combined YoY growth of over 50%
  • The combined firms will have over 100 send lincenses across 150+ countries
  • Both firms have almost 8, 000 payment corridors
  • WorldRemit serves over 4 million customers who can send 90 currencies

Currently, WorldRemit does not allow users to send or receive digital payments in bitcoin or other cryptocurrencies. However P2P platforms like LocalBitcoins and Paxful in Africa enable WorldRemit as a payment option.

 

 

 

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