WorldRemit launches digital remittance service in Africa
The service aims to do away with the prohibitive charges that people pay to transfer money within Africa
Chief Executive and Co-founder, Ismail Ahmed, said the service aims to do away with the prohibitive charges that individuals and businesses pay to transfer money within Africa, a major impediment for the continent-wide free-trade agreement signed by 44 countries.
“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,” said Ahmed.
He also stated that the intra-Africa service will allow customers to use local banks, mobile money and cash pick-up points to send and receive money.
The digital service will first launch in Kenya, Rwanda, Tanzania and Uganda before rolling out to other countries in Africa.
WorldRemit transfers more than $1.6 billion at an annualised rate to the African continent.
The company's customers send transfers from over 50 countries to over 145 destinations globally.
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