Huge growth in money transfers to Tanzania

Ismail Ahmed

WorldRemit founder and Chief Executive Officer, Ismail Ahmed

From ALLOYCE KIMBUNGA in Arusha, Tanzania
ARUSHA, (CAJ News) – DIGITAL money transfer service, WorldRemit, is consolidating its rapid expansion into Tanzania.
It is supporting the growing demand for instant remittances to the country from over 4 million expatriates living abroad.
The company achieved a new record of 10 000 unique transactions completed in the month of December 2016 alone.
It also attained 150 percent year-on-year growth in 2016, driven primarily by the rapid expansion of Mobile Money accounts as the preferred receive method.
WorldRemit customers can send money to Tanzania via Mobile Money to Tigo Pesa, Vodacom M-Pesa and Zantel Ezy Pesa Mobile Money accounts, as well as bank deposit and cash pick up.
The biggest senders to Tanzania include migrants currently living in the UK, Sweden, Australia, Norway and Canada, amongst others.
Ismail Ahmed, founder and CEO at WorldRemit, said, “Our Mobile Money partnerships combined with existing services for bank deposits and cash pick-up will give more choice to Tanzanians, further supporting the transition from costly offline remittances via high street agents to faster, cheaper and safer online transfer methods.”
Remittances play an important role in the economy of Tanzania – in 2015 the country received a total of $390 million according to the World Bank, almost ten times the amount received in 2010.
WorldRemit customers currently sends over 580 000 transfers every month.
CAJ News

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Posted by on Feb 20 2017. Filed under Africa & World, Broadband, Featured, Finance, Finance & Banking, Mobile money, National, Regional, Technology. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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