Johannesburg — XPRESS Money, the money transfer brand, has teamed with technology company, Huawei, to drive mobile money services to the world's unbanked populations, especially in Africa.
The partnership will give the globally respected remittance firm access to Huawei's mobile money service platform, which has over 100 million mobile money accounts globally.
The technology works on both smartphones and basic handsets.
It has been particularly successful in developing markets.
Recipients of Xpress Money remittances can use the service to make online and offline payments, pay for essential services such as utilities and school fees, as well as financial services like loan applications, insurance and banking.
"At Huawei, we want to bring the best remittance services to our network partners and their customers. Africa is a key market in the mobile money industry and it's imperative we give our customers here access to the best services," said David Chen, Director of Marketing and Solution Sales Huawei Southern Africa.
By growing Xpress Money's mobile money footprint and strengthening Huawei's international reach, this partnership is set to reduce the cost of remittance services and drive financial inclusion for millions of mobile money users in Africa.
Sudhesh Giriyan, Chief Operating Officer of Xpress Money, said mobile money was a critical technology.
There are over 500 million mobile money accounts currently in use, and with Huawei servicing over 100 million of these, we're confident this collaboration will improve the state of financial services for Africa's unbanked," Giriyan said.
Xpress Money' has a global presence in more than 165 countries across 200 000 agent locations.
Huawei's mobile money partners in Africa include Safaricom, Vodafone, Vodacom and Teasy Mobile in ten African countries; these include big markets like Kenya, Ghana, Nigeria and Zimbabwe.
In 2016, the World Bank reported that two billion people across the globe had no access to formal Financial Services.