Morocco-based financial services company Wafacash(www.Wafacash.com) is scaling up operations with leading digital money transfer service WorldRemit(www.WorldRemit.com) to offer instant money transfers across West and Central Africa.
The companies already work together in Morocco and Senegal, but will expand into Cameroon, Benin, Burkina Faso, Niger and Cote D’Ivoire before the end of the year.
The new service will let WorldRemit customers in over 50 countries transfer money as easily as sending an instant message, using the app or website.
WorldRemit’s digital, mobile-first model significantly improves security and compliance standards. Senders no longer need to visit a bricks and mortar agent, which can be inconvenient and time consuming – often forcing hard working migrants to take time off work to stand in line.
Wafacash is a subsidiary of Attijariwafa Bank, one of Africa’s major banking institutions. It has a reputation for excellent customer service, and ambitious regional growth plans. The company currently has pay-out points at Wafacash offices and Attijariwafa Bank branches and agents, enabling customers to pick up funds quickly and conveniently.
Remittances in the region have experienced a decade of strong growth, amounting (http://APO.af/wo38Kw) to a projected $34 billion across Sub-Saharan Africa in 2017.
According (http://APO.af/MRfXVk) to the World Bank, the value of remittances to Cameroon, Cote D’Ivoire and Senegal grew by an estimated 86%, 130% and 74% respectively, between 2006 and 2015.
Morocco alone received over $7 billion in 2015 according to the World Bank, the equivalent of 7% of its GDP.
Samira Khamlichi, Chief Executive at Wafacash, comments:“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. 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 says, Founder and CEO at WorldRemit, added: “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”.
In June WorldRemit announced a global integration with Google’s Android Pay, followed by a partnership with Huawei’s mobile money platform across Africa. WorldRemit customers now complete 700,000 transfers every month from more than 50 send countries to over 140 receiving destinations.
WorldRemit (www.WorldRemit.com) is changing the way people send money. It’s easy – just open the app or visit the website – no more agents.
- Transfers to most countries are instant – send money like an instant message.
- More ways to receive (mobile money, bank transfer, cash pickup, and mobile airtime top-up).
- Available in over 50 countries and 140+ destinations.
- Backed by Accel Partners and TCV – investors in Facebook, Spotify, Netflix and Slack.
WorldRemit’s global headquarters are in London, UK, with regional offices in the United States, Canada, South Africa, Singapore, the Philippines, Japan, Australia and New Zealand.
Created in 1991 as a subsidiary of Attijariwafa Bank Group, Wafacash (www.Wafacash.com) has over the past 20 years gained extensive expertise in the money market and is now a leader in international cash transfers. Thanks to its shared values, Wafacash harmoniously combines high performance and quality services to respond to customer needs, whether they be private individuals or companies. It has developed a complete range of products and services and is constantly striving to be at the forefront of the latest innovations.