Global remittance brand expects next three years to be a gamechanger for Africa
With the aim of growing in terms of presence and market share in Africa, Xpress Money, one of the world’s most dependable money transfer brands, has got the ball rolling with grand expansion plans in the African market. The brand expects the African corridor to grow phenomenally in the next three years; based on recent trends in migration and technology adoption in various African countries. Xpress Money is looking at doubling their network presence in Africa with large pan-Africa bank partnerships in the pipeline.
Various African countries rely heavily on remittances to maintain their national GDP. In fact, remittances are the continent’s second largest source of foreign inflows after Foreign Direct Investment. To facilitate convenient remittances, Africa has always been at the forefront of innovative payments solutions; and one of the earliest adopters of mobile wallets. In the past, Xpress Money has partnered with leading mobile wallet service providers in the region to offer convenient services to its customers. Currently, the brand offers mobile wallet money transfers to five countries in Africa and plans to expand to five more countries in Q2. With its recent associations with TerraPay and Huawei, Xpress Money has the potential to reach out to over 100 million people in the continent.
Speaking about the organisation’s focus on the African Continent, Sudhesh Giriyan, COO, Xpress Money, said: “Africa has been an exciting market for the remittance industry since the very beginning. While we are witnessing a regular growth in remittances to the region, remittance costs, compared to the rest of the world, remain high. While the average cost of sending money to Sub Saharan Africa is 9.27% of the transfer amount; with key partnerships, Xpress Money has brought down its average cost to 4% in the region. What’s most fascinating about the African Market is the impact of technology. We are now seeing countries like Nigeria opening doors to blockchain technology to better various aspects of governance and business, including remittances. The adoption of technology will surely bring a whole new era of inclusion to the previously unreachable population. The next few years are going to be interesting.”
New technology, such as blockchain and crypto currencies, are beginning to stir up the African market; and Xpress Money is expanding their presence and approach in the region to equip as many people as possible with formal and convenient remittance options. The African remittance market is a constantly evolving one; the brand is focusing on staying ahead of the curve with creative solutions and game-changing collaborations.