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December 10, 2020

PayPal’s Xoom enables remittances to mobile wallets in 12 African markets

Xoom, PayPal’s money transfer service, has enabled its US, Canada, the UK, and Europe customers to transfer money directly to mobile wallets in 12 countries in Africa.

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These countries include Burundi, Cameroon, Ghana, Kenya, Madagascar, Malawi, Mozambique, Rwanda, Tanzania, Uganda, Zambia, and Zimbabwe.

Xoom is planning to expand this money transfer service to more markets next year.

The service already enables money transfers for cash pick-up, direct banks deposits and mobile reloads to 41 countries in Africa.

Xoom offers digital remittances, as a way to send money, pay bills and reload phones for friends and families residing in over 160 countries worldwide.

These remittances are typically used to pay for utility bills, healthcare, education costs and emergencies.

Customers can use the Xoom mobile app to send money to Africa.

They can also visit the Xoom.com website and set up an account or use their PayPal’s credentials to log in.

Xoom VP and GM Julian King said: “Sending money to Africa through traditional channels has always been expensive. We wanted to help bring down the cost and speed up the process to boost financial inclusion.

“There is nowhere else in the world that moves more money on mobile phones than Sub-Saharan Africa.

“While there are only five bank branches per 100,000 people as of 2019, there are 1.04 billion registered mobile money accounts in Sub-Saharan Africa.”

The latest development comes after Pan-African fintech MFS Africa partnered with Xoom to offer mobile money transfers to six of the 12 African countries mentioned.

MFS Africa enables its customers in the UK, Europe and North America to send money to people in Cameroon, Ghana, Rwanda, Uganda, Zambia, and Zimbabwe.

Last month, Xoom launched a direct money transfer service for its consumers in the US, which allows them to send money directly to the bank account or debit card of the recipient.

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Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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