Moneytrans and Remitly set to expand to Sub Saharan Africa
Moneytrans and Remitly, the largest independent digital remittance company in North America, have entered into a global co-operation agreement.
This agreement will extend Remitly's modern and convenient remittance experience to Africa.
Through this partnership, Remitly and Moneytrans, the remittance leader in Africa, will make available 4,000 retail payout locations in 10 countries which will help Remitly better serve the fast-growing remittance industry in North, Sub-Saharan Africa and Middle East which in 2017 reached over $91 billion .
The digital money transfer service, backed by Jeff Bezos's venture capital firm, Bezos Expeditions, sends more than $6 billion in annualized volume from its customers principally based in the United States, Canada, United Kingdom and Australia.
"Moneytrans was a natural partner choice to build up our offerings accessing to its extensive network of digital wallet providers, banks and cash pick-up networks across Africa, and to help us serve hard-working people who need to send money to their loved ones with a transparent, secure, and convenient service," said Matt Oppenheimer, CEO of Remitly.
By challenging antiquated financial services with an honest, transparent and tech savvy service, Moneytrans aims to grow its market share across Africaas money sent to those regions increased by 10.3 percent in 2017 and is estimated to grow more in 2018.
"Moneytrans's collaboration with Remitly is part of the company's long-term strategy to enable interoperability and to democratize financial services in Africa. The main economic and social objective of our partnership is to help the African migrants to have an access to low-cost, secure and instant payment medium," explains Francisco Sanchez Apellaniz, Founder and CEO, Moneytrans.