Sending money to Africa faces various challenges, the biggest of which is the high cost charged by money sending services like MoneyGram and The Western Union. Although these two can be considered to be the most dominant in that sector, there have been some other small startups. These small players have come up with new innovative platforms to remit money back to Africa; including the use of Bitcoins.
The recent player to enter this market is Paytoo. It has teamed up with Infenix to give the African diaspora an additional option to remit money to over 79 million subscribers on the Infenix services covering 29 countries in Africa. This partnership comes in the form of Paytoo merging its mobile wallet services solution with the Infenix’s remittance payout distribution network. Enabling Paytoo Mobile Wallet users to send remittances to 29 countries and 50 branded mobile wallets in Africa.
Paytoo is touting its services to be better compared to what most competitors have. Using the argument, that it eliminates the need for the receiver to go into a store to withdraw the money. Instead, the receiver will get the money directly to his wallet; thus it is easier, faster and convenient.
Pap Ndiaye, the CEO at Infenix Africa and Founder of Infenix Europe said, “We envision great opportunities working with Paytoo in this new era of Payment Services in Converging Worlds.”
His counterpart, Michel Poignat, the CEO of Paytoo Corp, said, “The African remittance market is among the most expensive in the world, but the mobile wallet market in Africa is one of the most advanced. With millions of Africans living abroad, we realize the need to have a cheaper and more convenient solution for them to send money to their family in Africa. Thanks to our agreement with Infenix, we will offer cheaper, faster and easier money transfers, improving the lives of many people living in the countries involved.
Gary Gelman, the vice president of Overseas Market at Paytoo Corp. added, “This collaboration is the first step before a largest development in Africa from 16 to 29 countries, reaching a total of more than 79 million subscribers, and is part of our worldwide deployment started last year with the Latin America Market.”