WorldRemit CEO targets businesses in Africa

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  • Ismail Ahmed reveals plans to offer money transfer services to African businesses
  • WorldRemit currently serves a total of 800,000 customers

 

UK-based cross-border payments brand WorldRemit is looking at expanding its services to the African business community. According to the company’s CEO Ismail Ahmed, the service will be launched in East Africa, the fastest growing region on the continent. The goal is to make it easier for businesses to access funds so that they have enough money to pay for supplies and overhead costs. Ahmed told Financial Times that money sent to businesses should match “the flow of remittances moving the other way”.

 

A better network than banks

 

WorldRemit reportedly has a wider network than banks in the continent making it the perfect platform for many of Africa’s unbanked. Ahmed says that the company can offer a business in Kenya “direct access to an individual account in Nigeria”. This capability will reduce the settlement period.

 

Fintech observers note that this will also drive down the costs of intra-African money transfers. While experts note that this development will be beneficial, it is not yet known when WorldRemit’s new service will be rolled out.

 

Migrant background

 

The founder and CEO of WorldRemit fled his country “to escape civil war”, according to a recent interview. While living and working in the United Kingdom, Ahmed tried to find easier ways to send money to loved ones at home. Ahmed established WorldRemit eight years ago and currently has 800,000 customers who utilise the platform to transfer funds from over 50 countries. Although the brand is yet to make a profit, it is already making a splash in the remittance market. It has better rates than money transfer leaders MoneyGram and Western Union and even has the capability to send money faster.

 

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Andrea Barnes
Editor
Andrea is Communications Manager at FXcompared. Prior to joining FXcompared, she worked as a communications consultant for companies seeking guidance with their social media, marketing and digital… Read more

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