WorldRemit, a digital money transfer platform, has launched its transfer services from within Africa to simplify the sending and receiving of money across the continent.
The new offering will lower costs of sending money across borders. High charges for remittances have been a big obstacle within the region; however, this is changing, with 44 countries signing a continent-wide free-trade agreement earlier in the year.
Initially, this new service will be launched across East Africa in countries with fast-growing economics like Kenya, Rwanda, Tanzania and Uganda.
London-headquartered WorldRemit is an online remittance business that helps users send money to friends and family abroad from just their phone, or computer. Transferred money can be received as either a bank deposit, cash pick-up, mobile money or airtime top-up. Users can make transfers from more than 50 countries and into over 145 destinations around the world.
The company’s transfers to Africa have grown by 80 per cent YoY, and transfers around $1.6bn annually to the continent, according to the company. WorldRemit supports all major African currencies and has a pan-African distribution network which includes banks, mobile money and cash pick-up points.
WorldRemit CEO and co-founder Ismail Ahmed said, “Just as WorldRemit has revolutionised the way people send money from developed countries, our vision is to do the same within Africa.
“From the frequent traveller, 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.â€
Late last year, WorldRemit closed its Series C round on $40m with LeapFrog Investments serving as the lead backer.
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