Leading digital money transfer service WorldRemit continues its rapid expansion in Africa, launching low-cost bank transfers to nine new countries across the region.
Nearly 3 million migrants living in over 50 countries can now send money directly from their phones to any personal bank account in the following countries: Botswana, Central African Republic, Chad, Malawi, Mauritius, Mozambique, Namibia, Togo, and Zambia.
WorldRemit’s mobile-first, digital model saves customers time and money, as they do not have to visit bricks and mortar agent to make transfers. Beneficiaries will receive their funds into their bank account within 1-2 working days.
Transactions to Africa via WorldRemit have grown by nearly 75% this year. With the new bank transfer service, WorldRemit is launching money transfers in three new markets – Mauritius, Mozambique and Namibia – and expanding its footprint in six other countries.
According to the World Bank, remittances to Sub-Saharan Africa increased by over 11% from 2016 to 2017, reaching $38 billion. However, the region is still the most expensive in the world to send money to, with an average cost of 9.4 percent.
Andrew Stewart, Managing Director of the Middle East and Africa at WorldRemit comments: “We are delighted to expand our service in Africa to allow more members of the diaspora to send low-cost, fast and secure online bank transfers directly from their phones.”
“Over half of all transactions through WorldRemit go to Africa. The new service will drive down the cost of remittances to the region and support our plan to serve 10 million customers in emerging markets by 2020.”
Last year WorldRemit became Arsenal FC’s first-ever online money transfer partner in a global sponsorship deal. WorldRemit customers complete one million transfers every month from 50 countries to over 145 destinations. More than half of its transfers go to Africa.
WorldRemit was founded in 2010 by Ismail Ahmed, a former compliance advisor to the United Nations Development Programme. Mr. Ahmed began developing WorldRemit while studying for an MBA at London Business School. He has said that the idea of an online money transfer service was partly influenced by his own frustrating experience of sending money to relatives in his native Somaliland using offline, agent-based services
In March 2014, it was announced that WorldRemit had secured a Series A investment of $40m from Accel Partners, an early backer of Facebook and Spotify. Following the investment, Accel’s Harry Nelis joined the WorldRemit board. In February 2015 WorldRemit announced a $100m Series B funding round led by TCV. It was also announced that TCV General Partner John Rosenberg would join the WorldRemit board.
In 2017, the company received a $40 million investment in their Series C round of funding. LeapFrog Investments was the lead investor for this round of funding.
Now WorldRemit, the UK-based company has more than 800,000 customers who use it to send money from more than 145 countries to over 2.7m people all around the world.