Digital money transfer service, WorldRemit continues its rapid expansion in Africa, launching low-cost bank transfers to nine new countries across the region.
Nearly 3 million migrants living in over 50 countries can now send money directly from their phones to any personal bank account in the following countries: Botswana, Central African Republic, Chad, Malawi, Mauritius, Mozambique, Namibia, Togo and Zambia.
WorldRemit’s mobile-first, digital model saves customers time and money, as they do not have to visit a brick and mortar agent to make transfers. Beneficiaries will receive their funds into their bank account within 1-2 working days.
Transactions to Africa via WorldRemit have grown by nearly 75% this year. With the new bank transfer service, WorldRemit is launching money transfers in three new markets – Mauritius, Mozambique and Namibia – and expanding its footprint in six other countries.
According to the World Bank, remittances to Sub-Saharan Africa increased by over 11% from 2016 to 2017, reaching $38 billion. However, the region is still the most expensive in the world to send money to, with an average cost of 9.4 percent.
Andrew Stewart, Managing Director of Middle East and Africa at WorldRemit comments: “We are delighted to expand our service in Africa to allow more members of the diaspora to send low-cost, fast and secure online bank transfers directly from their phones.
“Over half of all transactions through WorldRemit go to Africa. The new service will drive down the cost of remittances to the region and support our plan to serve 10 million customers in emerging markets by 2020.”
Last year WorldRemit became Arsenal FC’s first-ever online money transfer partner in a global sponsorship deal. WorldRemit customers complete one million transfers every month from 50 countries to over 145 destinations. More than half of its transfers go to Africa.