MUMBAI-BASED global digital payments system-- TimesofMoney--is set to enter the Tanzanian market as part of its Africa expansion plan that focuses on supporting cost effective online remittances.
The company is expected to launch its revolutionary online remittance and money transfer solution in the coming months and allow Tanzanians to receive money from anywhere in the world, straight into their bank accounts.
"We tied up with Diamond Trust Bank in Kenya recently to offer these services to NationHela users.
Tanzania is the next key market where we would like to tie up with banks to offer our remittance services to people living in the diaspora and sending money back home to their families," said Avijit Nanda, TimesofMoney Chief Executive Officer.
According to the Ministry of Foreign Affairs and International Cooperation, there are slightly over 2,000,000 Tanzanians living and working in different countries in the world, with the World Bank putting their remittances last year to 75 million US dollars (about 120bn/-).
TimesofMoney will enable Tanzanians living abroad to send money to relatives and friends back home online, eliminating the pain of standing in queue at money transfer agents.