WorldRemit Launches a Digital Money Transfer Service

Kenyans and Africa at large are set to enjoy a faster and cost-effective way of sending and receiving money from family and friends through a newly launched digital service by WorldRemit.

The digital service will first launch in Kenya, Rwanda, Tanzania, and Uganda before rolling out to other countries in Africa.

The company’s Chief Executive and Co-founder Ismail Ahmed said the service aims to do away with the prohibitive charges that individuals and businesses pay to transfer money within Africa, a major impediment for the continent-wide free-trade agreement signed by 44 countries.

“Just as WorldRemit has revolutionized the way people send money from developed countries, our vision is to do the same within Africa. From the frequent traveler, who works in different countries, to the small business owner buying goods abroad,” said Ahmed.

He said the intra-Africa service will allow customers to use local banks, mobile money, and cash pick-up points to send and receive money.

With its transfers to Africa growing by 80 percent year-on-year, WorldRemit transfers more than $1.6 billion at an annualized rate to the region.

WorldRemit customers send transfers from over 50 countries to over 145 destinations globally