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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.