· The average cost of international money transfers in the region is among the highest in the world
· Xpress Money is available in over 165 countries around the world
· The cross-border payment service’s aggressive expansion started in the year 2015
International money transfer brand Xpress Money continues to widen its reach in Africa, following an aggressive expansion plan that started in 2015. According to reports, the service has already inked collaborations with Africa’s major banks including leading financial players such as Ghana’s ADB Bank, GAS, UNB, Zenith, Senegal’s FBN, Namibia’s Real Transfer, Kenya’s Cooperative Bank, Uganda’s DFCU, and Rwanda’s I&M Bank. Xpress Money has also cemented its relationships with telecommunications companies and NBFCs in the region.
The brand’s network of partners translates to over 7,500 agent locations, according to a Business Insider report – and by December of 2019, the fintech will likely increase this network to 10,000 in Africa alone. Xpress Money is also available in other countries across all continents with a total of 200,000 agent locations.
Cheaper, accessible, convenient international money transfers
While talking about Xpress Money’s strategy for the region, the brand’s COO Sudhesh Giriyan said: “I strongly believe that the future of remittances lies in embracing partnerships and collaborations that will help lower remittance costs and in reaching out to the ‘unbanked’ thus enabling the end customer. The success of digital remittances in Africa endorses the customer’s appetite for convenient money transfer methods. This puts the onus on global money transfer organisations like Xpress Money to make conscious efforts towards leveraging the right partnerships to build a formidable brand presence.” Xpress Money already has a wide reach in the region but the brand still endeavours to offer better accessibility to its African clientele with the company’s management noting that it also pays close attention to cheaper and more convenient money transfers. Experts note that remittance costs to the region are among the highest in the world.
Remittances from the African diaspora
In 2017, the World Bank released data revealing the growth of remittances going to Sub-Saharan Africa. Based on the report, remittances grew by 11.4% resulting to $38bn of money coming from abroad in 2017 alone. The report adds that Nigerians received a total of $21.9bn from loved ones who are based overseas. Senegal and Ghana also have high remittances amounting to billions of dollars. According to the World Bank, the region will likely receive a whopping $41bn by the end of 2018.
An estimated 1 million Sub-Saharan Africans have migrated to Europe since the year 2010, according to Pew Research. The research centre notes that migration to the United States has grown dramatically in the past decade as well. Data from the United Nations says that over 50% of Sub-Saharan African migrants working in the US were born in Nigeria, Ghana, Kenya, and Ethiopia. Pew Research adds that these countries, with the exception of Ethiopia, “are also major sources of migrants to the EU, Norway and Switzerland”.
For more information about cross-border payments and remittance solutions in Africa and other parts of the world, take a look at this page.
· The average cost of international money transfers in the region is among the highest in the world
· Xpress Money is available in over 165 countries around the world
· The cross-border payment service’s aggressive expansion started in the year 2015
International money transfer brand Xpress Money continues to widen its reach in Africa, following an aggressive expansion plan that started in 2015. According to reports, the service has already inked collaborations with Africa’s major banks including leading financial players such as Ghana’s ADB Bank, GAS, UNB, Zenith, Senegal’s FBN, Namibia’s Real Transfer, Kenya’s Cooperative Bank, Uganda’s DFCU, and Rwanda’s I&M Bank. Xpress Money has also cemented its relationships with telecommunications companies and NBFCs in the region.
The brand’s network of partners translates to over 7,500 agent locations, according to a Business Insider report – and by December of 2019, the fintech will likely increase this network to 10,000 in Africa alone. Xpress Money is also available in other countries across all continents with a total of 200,000 agent locations.
Cheaper, accessible, convenient international money transfers
While talking about Xpress Money’s strategy for the region, the brand’s COO Sudhesh Giriyan said: “I strongly believe that the future of remittances lies in embracing partnerships and collaborations that will help lower remittance costs and in reaching out to the ‘unbanked’ thus enabling the end customer. The success of digital remittances in Africa endorses the customer’s appetite for convenient money transfer methods. This puts the onus on global money transfer organisations like Xpress Money to make conscious efforts towards leveraging the right partnerships to build a formidable brand presence.” Xpress Money already has a wide reach in the region but the brand still endeavours to offer better accessibility to its African clientele with the company’s management noting that it also pays close attention to cheaper and more convenient money transfers. Experts note that remittance costs to the region are among the highest in the world.
Remittances from the African diaspora
In 2017, the World Bank released data revealing the growth of remittances going to Sub-Saharan Africa. Based on the report, remittances grew by 11.4% resulting to $38bn of money coming from abroad in 2017 alone. The report adds that Nigerians received a total of $21.9bn from loved ones who are based overseas. Senegal and Ghana also have high remittances amounting to billions of dollars. According to the World Bank, the region will likely receive a whopping $41bn by the end of 2018.
An estimated 1 million Sub-Saharan Africans have migrated to Europe since the year 2010, according to Pew Research. The research centre notes that migration to the United States has grown dramatically in the past decade as well. Data from the United Nations says that over 50% of Sub-Saharan African migrants working in the US were born in Nigeria, Ghana, Kenya, and Ethiopia. Pew Research adds that these countries, with the exception of Ethiopia, “are also major sources of migrants to the EU, Norway and Switzerland”.
For more information about cross-border payments and remittance solutions in Africa and other parts of the world, take a look at this page.
