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August 12, 2015updated 04 Apr 2017 4:01pm

WorldRemit, Econet launch instant mobile money remittances to Burundi

WorldRemit, a London-based online money transfer service, has teamed up with Econet to launch instant mobile money transfers to Burundi.

By Verdict Staff

WorldRemit, a London-based online money transfer service, has teamed up with Econet to launch instant mobile money transfers to Burundi.

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The partnership will allow customers in 50 countries to remit money directly to Econet’s mobile wallet service EcoCash.

The partnership further expands WorldRemit’s footprint in mobile money remittances by introducing the two million Econet Burundi subscribers to an alternative channel for remittances.

"With only 7% of the adult population of Burundi population banked, there are now more mobile money accounts than bank accounts in Burundi," said WorldRemit.

A World Bank study points out that remittances are estimated to have contributed $51m to Burundi’s economy in 2014.

WorldRemit senior mobile analyst Alix Murphy said: "Our partnership with EcoCash means that people will no longer have to send remittances through illegal channels or pay high fees for cash to be picked up at inconvenient agent locations. Burundians can now receive money transfers straight to their mobile phones, just like an instant message."

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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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