Digital money transfer service WorldRemit has launched a low-cost digital money transfer service from South Africa to over 145 international destinations.
The group, after securing a regulatory licence to operate in South Africa as a ‘send’ country, opened a new office in Johannesburg in January to drive the growth of inter-Africa money transfers.
WorldRemit, which currently handles money transfers from the US, the UK, Europe and Asia to over 40 African countries, is expanding its partner network across the continent.
Major Milestone“The launch of money transfers from South Africa is a major milestone, as the company targets the growing money transfer market within Africa,” says WorldRemit Middle East and Africa MD Andrew Stewart.
South Africa is one of WorldRemit’s top ten remittance-receiving countries, with transactions to the country registering growth in excess of 50% year-on-year.
However, South Africa’s average cost of over 15% for sending $200 is more than double the global average.
Further, 68% of the estimated R11.2-billion a year in remittances from South Africa is sent into the Southern Africa Development Community region through informal channels, such as unregistered courier services, taxis and buses crossing the border.
Now, WorldRemit is offering transparent low fees and exchange rates for a wide variety of convenient pay-out options, including bank transfers, cash pick-ups and mobile money.
“With WorldRemit, customers can make quick, secure and low-cost money transfers directly from their phones. This eliminates the need to give cash to loved ones who are travelling or pay expensive fees to buses or taxis to transport cash across the border,” Stewart explains.
“We are delighted to start this next phase of our growth,” he adds.