WorldRemit, a UK-based online money transfer service, recently announced that it will partner with Mobile Telecommunications Network Group (MTN), a South Africa-based telecommunications provider; Express Union, a Cameroon-based financial services firm; and Banque Atlantique, a Togo-based retail bank, to offer digital remittance services in Cameroon.
WorldRemit customers in 50 countries will be able to send money online or through the company’s mobile app to recipients in Cameroon, who can access the money in three ways: (1) through MTN’s Mobile Money service, of which there are 2.6 million users in Cameroon; (2) via cash pickup at Express Union or Banque Atlantique; or (3) via any Cameroonian bank account. As of 2016, approximately 50 percent of WorldRemit transfers to Africa are collected via MTN Mobile Money accounts.
As of 2016, WorldRemit customers initiate approximately 500,000 transactions monthly through its website and app, which are used by clients in 50 countries to send money to recipients in 120 countries. Financial information on the firm is not available. According to the World Bank, remittances totaling USD 244 million were sent to Cameroon in 2015, up from USD 115 million in 2010.
By Michelle Dold, Research Associate
WorldRemit was incorporated in 2009 as an online money transfer service. Based in the United Kingdom (UK), it enables customers in 50 countries to send money via mobile phones, tablets or computers to individuals in approximately 120 countries in Africa, Asia, Australia, the Americas and Europe using a variety of payment options including debit and credit cards. The service offers several pay-out options including cash pickup, bank deposits, mobile wallets, door-to-door delivery and airtime top-up. The company currently has 150 employees working in its headquarters in London and regional offices in Australia, Canada, Japan, New Zealand and the United States. The firm’s financial information is not available.
Sources and Additional Information:
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at http://www.microcapital.org/products-page/.