Search DubaiPRNetwork.com

Home >> Banking & Investments

Xpress Money Eyes Africa's Evolving Remittance Market

Tuesday, March 6, 2018/ Editor -  

Share

Home >> Banking & Investments

Global remittance brand expects next three years to be a game-changer for Africa 
 

Dubai, March 06, 2018:  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 5 countries in Africa and plans to expand to 5 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 organization’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 percent 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.”

 


Previous in Banking & Investments

Next in Banking & Investments


Home >> Banking & Investments Section

Latest Press Release

Al-Futtaim Logistics expands warehouse facility in Saudi Arabia

Middle East Corporate Finance Leaders Foresee Substantial Economic Growth and Pl ...

DWTC announces up to 70 per cent reduction on FZ licensing and incorporation fee ...

Young Guns Make Their Mark as Uae Team Emirates Finish Top of the Team Standings

Watermelon Communications joins 3AW global media network

The Balmain Flamea II savours the allure of haute couture

Abu Dhabi International Airport enhances traveler experience this summer season

Guaranty Trust Bank (Tanzania) Limited goes live on ICS BANKS from ICS Financial ...

2XL launches Blomsbury coffee color sofa set

DIB Champions Customer Happiness With 9th Double Your Salary Draw

Bath-time Essentials from Corine de Farme

Medeor 24x7 International Hospital Al Ain Signs MoU with Fatima College of Healt ...

DHA focuses on expanding reach of telemedicine

Yet another strategic step from Turkish Airlines before moving to the Istanbul N ...

Scuderia Ferrari presents the new Aero collection for Spring Summer 2018 season

Jafza F&B Sector Sees Steady Growth in 2017

Philips ranked amongst 25 great places to work for in the UAE

NAMA and UN Women Collaborate to Create New Entrepreneurial Opportunities for 25 ...

FBMA offers jam-packed Summer Camp at its newly opened Ladies' Club

EverSnow to launch Snow Land at the Al Shallal Theme Park Ice Rink in Jeddah i ...