In order to facilitate money transfers across Africa, leading international money transfer company WorldRemit has launched a new quick, safe, secure, and less expensive digital service targeting mainly the flourishing economies of East Africa namely Kenya, Rwanda, Tanzania and Uganda.
The new service aims to lower the cost of sending money across borders since the sky-high charges that individuals and businesses have to pay for such transactions form a big obstacle to the growing regional integration promoted by the continent-wide free-trade agreement signed by 44 countries in March 2018.
In comparison with the same period last year, transfers by WorldRemit grew by 80%, noting that it transfers more than $1.6 billion annually to the region. The company trades in all major African currencies every day and has an extensive pan-African distribution network including bank, mobile money and cash pick-up points.
On expanding the company’s footprint to Africa, Ismail Ahmed, CEO and Co-founder of WorldRemit commented, “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.”
WorldRemit has reached customers from around the globe, welcoming transfers from over 50 countries to over 145 destinations globally. Last year WorldRemit became Arsenal FC’s first-ever online money transfer partner in a global sponsorship deal.