WorldRemit forays into Tanzanian market
Digital money transfer service WorldRemit has set up shop in Tanzania as it seeks to tap into the the growing demand for instant remittances to the country from over 4 million expatriates living abroad.
WorldRemit customers can send money to Tanzania via Mobile Money to Tigo Pesa, Vodacom M-Pesa and Zantel Ezy Pesa Mobile Money accounts, as well as bank deposit and cash pick up.
With WorldRemit, people in more than 50 countries can send instant transfers to more than 140 destinations. Known as the ÒWhatsApp of moneyÓ, WorldRemit makes sending money as easy as sending an instant message.
Remittances play an important role in the economy of Tanzania - in 2015 the country received a total of $390 million according to the WorldBank, almost ten times the amount received in 2010. WorldRemit customers currently send over 580,000 transfers every month.
Ismail Ahmed, founder and CEO at WorldRemit, comments: ÒOur Mobile Money partnerships combined with existing services for bank deposits and cash pick-up will give more choice to Tanzanians, further supporting the transition from costly offline remittances via high street agents to faster, cheaper and safer online transfer methods.