Online money transfer service World Remit says it has launched a new digital money transfer service to be rolled out in Kenya, Rwanda, Tanzania and Uganda.
The new service is expected to reduce the cost of sending money across borders which has been a major hurdle to regional integration.
“Just as WorldRemit has revolutionized the way people send money from developed countries, our vision is to do the same within Africa. From the frequent traveler, who works in different countries, to the small business owner buying goods abroad, our new fast service will offer the benefits of lower cost and greater convenience.” Ismail Ahmed, CEO and Co-founder of WorldRemit.
The company was founded by Ismail Ahmed and is backed by venture capital companies; Accel Partners and Technology Crossover ventures while recording transfers of more than $1.6 billion at an annualized rate to the region.
With customers sending transfers from over 50 countries to over 145 destinations globally, the firm prides itself to having quick, secure and low cost transfers providing SME’s an alternative to costly traditional money transfer systems.