WorldRemit, a UK-based online money transfer service, recently announced that it has expanded its services in Uganda to enable remittances to be delivered through mobile phones via Mobile Telecommunication Network’s (MTN’s) MobileMoney service. Prior to this expansion, WorldRemit only allowed recipients in Uganda to accept transfers via in-person cash pickup, bank deposits and airtime top-ups. Customers may use their mobile wallet for services such as paying utility bills or withdrawing cash from authorized agents. As of 2014, MTN Uganda reports approximately 6 million customers and 20,000 MobileMoney agents operating in Uganda.
WorldRemit offers international money transfer services via mobile phones, tablets and traditional wire transfers. The company processes approximately 1.3 million transactions per year from 35 countries to approximately 100 receiving countries. Based in South Africa MTN is a multinational telecommunications provider that offers voice and data communication services to individuals and businesses. MTN also operates MobileMoney, a money management service that can be used on cellular devices. As of July 2013, MTN reports approximately 120 million subscribers in 21 countries in Africa and the Middle East.
By Meraj Husain, Research Associate
About WorldRemit
WorldRemit was incorporated in 2009 as an online money transfer service. Based in the UK, it enables customers in 35 countries to send remittances via mobile phones or tablets to individuals in approximately 100 countries using a variety of payment options including debit cards 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 processes approximately 1.3 million payment transactions annually and has 50 employees as of March 2014. The firm’s financial information is not available.
About Mobile Telecommunications Network (MTN)
Established in South Africa in 1994, Mobile Telecommunications Network Group (MTN) is a multinational telecommunications provider that offers voice and data communication services to individuals and businesses. MTN also operates MobileMoney, a money-transfer service that can be used on cellular devices. MTN reported total revenue of ZAR 135 billion (USD 13 billion) total assets of USD 21 billion as of 2013. As of July 2013, MTN reports approximately 120 million subscribers in 21 countries in Africa and the Middle East.
Sources and Additional Resources
[1] WorldRemit: WorldRemit Offers Mobile Money in Uganda
MicroCapital, March 25, 2014, Accel Invests $40m in Equity in UK-based WorldRemit, Provider of Remittances to 100 countries
MicroCapital, August 6, 2013, WorldRemit Launches Direct Worldwide Money Transfer Service Through Telesom’s Zaad Service
MicroCapital, August 2, 2013, CardPlanet Solutions of Kenya Inaugurates “Pesacard” to Enable Parents to Send Mobile Money to School Children
MicroCapital, April 1, 2013, MTN Mobile Money, Mobile Financial Services (MFS) Partner to Launch KwikAdvance Payday Loans in Ghana
MicroCapital, November 29, 2011, Mobile Telecommunications Network (MTN) to Offer Mobile Prepaid Product from Visa in Nigeria and Uganda
MicroCapital Universe Profile: WorldRemit
MicroCapital Universe Profile: Mobile Telecommunications Network (MTN)
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