Global payments platform Nium enables customers to remit funds into four major African markets
Nium, an advanced global payments platform, has announced that its clients are now able to send funds to their business partners located in Ghana, Kenya, South Africa and Tanzania, with more countries in the pipeline.
Customers of Nium are also able to extend this service to their own consumers. This announcement comes shortly after the news of the company's expansion plans into Africa at the tail end of last year.
Traditionally, businesses, fintechs and even consumers looking to send cross-border payments into Africa encountered long transfer times, multiple intermediaries and eventually higher transaction costs and other inefficiencies. Nium's local partnerships in the four key African markets will provide a more streamlined, convenient, and cost-efficient solution for remitting payments into these countries.
Customers of Nium can now make payments via bank transfers to large financial institutions within these markets. Mobile money wallet payments, which are an increasingly popular and relevant payment method used by both businesses and governments, are also provided as one of the methods in which customers can transfer funds into.
Nium's money transfer capabilities in Africa will allow clients:
The ability to send money to Kenya, South Africa, Ghana and Tanzania via bank transfers (same day or next day delivery and mobile money wallets in real-time
Access to over 14 mobile money wallets in these countries, including M-Pesa, Airtel, MTN, Vodacom
Support for remitting funds to over 30 banks in each country and to more than 1000 bank branches as part of the supporting banks network (Kenya: 41 banks, 87 branches | South Africa: 41 banks, 58 branches | Ghana: 27 banks, 1000+ branches | Tanzania: 37 banks, 600+ branches)
"While much progress has been made to revamp the consumer remittance scene in Africa, more needs to be done to improve the experience of business payments into Africa. With Nium now supporting both bank transfers and mobile money wallet payments into Africa, global businesses can now expect a much smoother, faster and safer transaction experience when making payments to partners, individuals or vendors within the continent," says Clara Wanjiku Odero, Vice President, Partnerships and Growth, Middle East and Africa, Nium.
All funds transferred into the four countries can be initiated in any of the 40+ source currencies currently offered through Nium's Send service and recipients will receive the payout in their local currency (KES, ZAR, GH₵,TSH).