Global money transfer company WorldRemit has rolled out new digital remittance service in Africa.
The new service will facilitate fund transfers across the continent.
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The cross-border money transfer service will aim to reduce the expenses of sending funds to another African country.
It is also aligned with the free-trade agreement signed by 44 African nations in March this year to promote regional integration and support trade.
WorldRemit CEO and co-founder Ismail Ahmed said: “Just as WorldRemit has revolutionised the way people send money from developed countries, our vision is to do the same within Africa.
“From the frequent traveller, 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.”
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By GlobalDataThe company aims to increase its presence in the eastern region with the new African digital remittance service including in the countries like Kenya, Rwanda, Tanzania and Uganda.
The move is also expected to bolster WorldRemit money transfer service in the continent, where remittance service is growing by around 80% on a year-on-year basis.
Besides banks, WorldRemit’s pan-African distribution network includes mobile money and cash pick-up points across the continent.
In June, the company partnered with First Bank to offer instant money transfers to Nigeria.
