African payments technology firm Cellulant has joined forces with Money Q, a fintech outfit based in Dubai, UAE, to provide expatriates with remittance services across the continent.
The partnership will leverage Money Q’s digital wallet platform, KrosPayz, which is expected to go live in Malawi in April this year.
Using the platform, clients can pay their bills, recharge airtime as well as undertake domestic fund transfers and pay for their purchases in local point of sales using QR code.
Last year, Sub-Saharan African remittances saw a 5.2% growth compared with 16.4% surge in the prior year.
Even though, the average cost of transferring $200 across the globe still remained 6% in Q2 2022.
Mobile providers charge 3.5% fee for sending money through various digital channels, but less than 1% the transactions are done using those providers, according to Cellulant.
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Cellulant vice president of global and regional merchants Richard Gesimba said: “Remittances are the single largest source of foreign exchange for many developing economies, and they are stable and resilient in the face of economic downturns.
“They have been described as developing countries’ most stable, abundant, and secure sources of foreign aid. This partnership reaffirms our commitment to enabling businesses, banks, and consumers to make fast and efficient payments across Africa.
“By leveraging Cellulant’s presence and partnerships on the continent, Money Q will be able to provide its services throughout Africa.”
In November last year, Cellulant announced a collaboration with African B2C e-commerce platform Copia Global to facilitate easy transactions for the diaspora and urban clients.