WorldRemit has launched its digital money transfer service in South Africa, enabling the country’s residents to make remittances to more than 145 regions across the globe including the UK, Zimbabwe, Mozambique, India and Pakistan.
The service, said to be low-cost, will enable users to make fund transfers through the WorldRemit app or website.
Senders can opt for multiple pay-out options such as bank transfer, cash pick up as well as mobile money.
World Bank ranks South Africa as the most expensive G20 country to make money transfers from.
In the country, where presently 68% of money transfers are sent via informal channels, the average cost of sending $200 is over double the global average.
WorldRemit managing director for Middle East and Africa Andrew Stewart said: “South Africa is one of WorldRemit’s top ten remittance receiving countries, with transactions to the country growing by over 50% YoY.”
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“With WorldRemit, customers can make quick, secure and low-cost money transfers directly from their phones. This eliminates the need to give cash to loved ones who are travelling or pay expensive fees to buses or taxis to transport cash across the border,” Stewart added.
With an aim to strengthen its partner network across the continent, the firm also set up a new office in Johannesburg.