WorldRemit launches online bank transfers to nine African countries

With money transfers to Africa growing exponentially year on year, increasing by over 11% from 2016 to 2017, reaching $38 billion, according to the World Bank, digital money transfer service, WorldRemit is leveraging this growth to continue its rapid expansion in Africa.

The company is launching low-cost bank transfers to nine additional countries in Africa— Botswana, Central African Republic, Chad, Malawi, Mauritius, Mozambique, Namibia, Togo and Zambia — making it possible for users to send money directly from their phones to any personal bank account.

“Over half of all transactions through WorldRemit go to Africa. The new service will drive down the cost of remittances to the region and support our plan to serve 10 million customers in emerging markets by 2020.”

— Andrew Stewart, Managing Director of Middle East and Africa at WorldRemit

WorldRemit’s mobile-first, digital model saves customers time and money, as they do not have to visit a bricks and mortar agent to make transfers. Beneficiaries will receive their funds into their bank account within 1–2 working days.

With the new bank transfer service, WorldRemit is launching money transfers in three new markets — Mauritius, Mozambique and Namibia — and expanding its footprint in six other countries.