Xpress Money turns its attention to the changing remittance market in Africa
With the goal of growing in terms of presence and market share in Africa, Xpress Money , one of the most reliable money transfer brands in the world, has launched large expansion plans in the African market.
Based on recent trends in migration and technology adoption in several African countries, the brand expects a phenomenal growth of the African corridor over the next three years. Xpress Money aims to double the presence of its network in Africa through partnerships that it is incubating with large pan-African banks.
Several African countries have a strong reliance on remittances to maintain their national GDP. In fact, after direct foreign investments, remittances represent for the continent the second largest source of money from abroad.
To improve the convenience of remittances, Africa has always been at the forefront of innovative payment solutions, and the continent has been among the pioneers in the use of mobile wallets. In the past, Xpress Moneyhas partnered with leading providers of mobile wallet services in the region to offer convenient services to its customers.
At this time, the brand offers money transfer through mobile wallet to five countries in Africa and plans to extend this service to five other countries in the second quarter. Thanks to its recent partnerships with TerraPay and Huawei, Xpress Money has the potential to reach more than 100 million people on the continent.
Commenting on the company's approach to the African continent, Sudhesh Giriyan, Operations Director of Xpress Money , said: "From the very beginning, Africa has been an exciting market for the remittance sector, although we have witnessed sustained growth. In remittances to the region, the costs of remittances remain high compared to the rest of the world, while the average cost of sending money to sub-Saharan Africa is 9.27% of the transfer amount, Xpress Money, thanks to The important associations that it has established, has managed to reduce its average cost to 4% in the region.The most fascinating thing about the African market is the impact of technology.We are now seeing countries like Nigeriaopen the doors to block chain technology to improve various aspects of governance and business, including remittances. The adoption of technology will surely bring with it a completely new era of inclusion of the previously inaccessible population. The next few years will be very interesting. "
