Wafacash is a Morocco-based financial service. This company has announced a move that will scale up its operations, through a partnership with the WorldRemit to provide instant money transfers across regions in West and Central Africa.
The two companies, WorldRemit and Wafacash, are already working together in Morocco and Senegal. They now plan to extend that partnership into Niger, Burkina Faso, Benin, Cameroon, and Cote D’Ivoire by the end of this year.
How Wafacash-WorldRemit financial solution works
Using the Wafacash app, users can now send/receive money through WorldRemit as quickly as they send/receive an instant message.
WorldRemit argues that the digital mobile-first model has considerably improved security and compliance standards. Users sending money will not have to visit a brick and mortar agent. Wafacash has pay-out points across the Wafacash offices and Attijariwata Bank branches and agents. This setup will enable customers to withdraw or deposit funds quickly and conveniently.
As opposed to going to a brick and mortar bank, where the customer will have to queue up and waste time on the line. Some workers are forced to take off days to complete this task.
Over the past decade, the sub-Saharan Africa region has received growing remittances, which is projected to hit $34 billion by the end of 2017.
“By extending our partnership with WorldRemit, we wish to contribute to the improvement of the financial inclusion in our country and to the diversification of legal financial channels,” said Wafacash Chief Executive, Samira Khamlichi.
“Our extended partnership will allow WorldRemit customers in over 50 countries to send money to our cash pick-up locations across the region. This is only the beginning, as together with WorldRemit we will explore many other countries and horizons because our main objective is to better cater to the needs of our clients and business partners.”
Ismail Ahmed, founder, and CEO of WorldRemit went further to say, “We are delighted our partnership with Wafacash is growing. We have a shared vision that money transfers should be as safe, fast, and low-cost as possible. This expansion means more cash pickup points in the region, making our service even more convenient to our customers.”