International money transfer service WorldRemit announced on Tuesday it is launching a new digital service within Africa. According to WorldRemit, the service will make it easier to send and receive money across the continent and will also reduce the cost of sending money across borders.
WorldRemit reported that with its transfers to Africa growing by 80% year-on-year, it transfers more than $1.6 billion at an annualized rate to the region. WorldRemit noted that it 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. Speaking about the service within the continent, Ismail Ahmed, CEO and Co-founder of WorldRemit stated:
“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.”
The launch of the service comes just a couple of months after WorldRemit announced it has formed a new partnership with First Bank of Nigeria Limited (First Bank) for instant money transfers to all First Bank accounts in Nigeria. The partnership with First Bank notably expands WorldRemit’s footprint in the country and allows its customers in over 50 countries to send money to First Bank accounts directly from their phones. The deal supports WorldRemit’s plan to serve 10 million customers connected to emerging markets by 2020.
