This archive report was first published on 24 July 2019.
July 24, 2019
WorldRemit, a leading digital money transfer service, has expanded its presence in Africa by launching new international mobile money services in five countries through a partnership with MFS Africa.
The new services are available in Malawi and Niger via Airtel, in Madagascar via Orange, in Mozambique via Vodacom, and in Guinea via MTN.
WorldRemit's mobile-first, digital model allows customers to send instant low-cost money transfers at any time to 15 million mobile money users across the five countries, without the need to visit a money transfer agent.
According to the World Bank, remittances to Sub-Saharan Africa increased by over 9.6% from 2017 to 2018, reaching $46 billion. However, the region remains the most expensive in the world to send money to, with an average cost of 9.3 percent.
WorldRemit's partnership with MFS Africa aims to bring down the costs of remittances into and within Africa by leveraging the power of mobile money and digital payments.
“Our mission at MFS Africa is to bring down the costs of remittances into and within Africa, and we achieve that by leveraging the power of mobile money and digital payments,” said Dare Okoudjou, founder and CEO of MFS Africa.
WorldRemit is committed to supporting financial inclusion across Africa by enabling the unbanked populations to receive money directly into their mobile wallets, without the need for a bank account.
“Our partnership with MFS Africa helps us accelerate our financial inclusion mission while expanding our footprint across the continent,” said Andrew Stewart, Managing Director of WorldRemit for the Middle East and Africa.
