WorldRemit, a leading digital money transfer service with a footprint across the world, has announced it has launched a new low-cost digital money transfer service in South Africa. The largest money transfer market across the African continent. This new digital money transfer service was announced at a time the company is going for Initial Public Offering (IPO).
The company, headquartered in London, yesterday announced the opening of its new offices in Johannesburg. The office will be its base for coordinating its growth regarding inter-African money transfers via WorldRemit services.
Currently, the company handles money transfers between the UK, US, European, and Asian countries to over 40 countries in Africa. According to the managing director of the Middle East and Africa at WorldRemit, Andrew Stewart, said South Africa is one of the top ten remittance receiving countries in Africa. The country has seen transaction rise by 50% year-on-year.
“We are delighted to start this next phase of our growth, enabling customers in South Africa to spend digital money transfers to 145 countries worldwide, including Zimbabwe and Mozambique,” said Stewart.
A press release by WorldRemit, it reads, “The launch of money transfers from South Africa is a major milestone, as the company targets the growing money transfer market within Africa. WorldRemit recently opened a new office in Johannesburg, as it aims to expand its partner network across the continent,”
WorldRemit is also announced to have partnered with MTN Group and Vodacom Group in a partnership that will see the company access wide network of mobile money services across Africa. It is the kind of deal Safaricom, and Huawei entered in Kenya.
South Africa is the most expensive G20 country a person can send money from, with the average cost for sending $200 is 15% of that amount. That is more than double the global average.