Bussiness
Morocco-based financial services
company Wafacash is scaling up operations with leading digital money transfer
service WorldRemit to offer instant money transfers across West and Central
Africa.
The companies already work together in
Morocco and Senegal, but will expand into Cameroon, Benin, Burkina Faso, Niger
and Cote D’Ivoire before the end of the year.
The new service will let WorldRemit
customers in over 50 countries transfer money as easily as sending an instant
message, using the app or website.
WorldRemit’s digital, mobile-first
model significantly improves security and compliance standards. Senders no
longer need to visit a bricks and mortar agent, which can be inconvenient and
time consuming - often forcing hard working migrants to take time off work to
stand in line.
Wafacash is a subsidiary of
Attijariwafa Bank, one of Africa’s major banking institutions. It has a
reputation for excellent customer service, and ambitious regional growth plans.
The company currently has pay-out points at Wafacash offices and Attijariwafa
Bank branches and agents, enabling customers to pick up funds quickly and conveniently.
Remittances in the region have
experienced a decade of strong growth, amounting to a projected $34 billion
across Sub-Saharan Africa in 2017.
According (http://APO.af/MRfXVk) to the
World Bank, the value of remittances to Cameroon, Cote D’Ivoire and Senegal
grew by an estimated 86%, 130% and 74% respectively, between 2006 and 2015.
Morocco alone received over $7 billion
in 2015 according to the World Bank, the equivalent of 7% of its GDP.
Samira Khamlichi, Chief Executive at
Wafacash, comments: “By extending our partnership with WorldRemit we wish to
contribute to the improvement of the financial inclusion in our country and to
the diversification of legal financial channels. Our extended partnership will
allow WorldRemit customers in over 50 countries to send money to our cash pick
up locations across the region. This is only the beginning, as together with
WorldRemit we will explore many other countries and horizons because our main
objective is to better cater to the needs of our clients and business
partners.”
Ismail Ahmed says, Founder and CEO at
WorldRemit, added: “We are delighted our partnership with Wafacash is growing.
We have a shared vision that money transfers should be as safe, fast and
low-cost as possible. This expansion means more cash pickup points in the
region, making our service even more convenient to our customers.”
In June WorldRemit announced a global
integration with Google’s Android Pay, followed by a partnership with Huawei’s
mobile money platform across Africa. WorldRemit customers now complete 700,000
transfers every month from more than 50 send countries to over 140 receiving
destinations.
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