Africa: Cutting the Costs On Remittances

analysis

"Some people use their savings to start a business, while others turn to family and friends to borrow cash. But Ismail Ahmed's case was more unusual. He launched WorldRemit, a money transfer business, with compensation cash he received after uncovering alleged corruption at the UN. … Ahmed had waited four years since he'd submitted the dossier alleging corruption to the UN. But the wait proved worthwhile when in February 2010 he received £200,000 in compensation for the way he had been treated after making allegations, the money he used to fund the launch of WorldRemit." - Guardian, January 20, 2017

WorldRemit grew slowly in the first few years, but since 2014 it has attracted significant investment. And, more important, it has built one of the most flexible and cost-effective platforms for money transfer, particularly to African countries, and, most recently, between African countries as well. By focusing on digital transactions, it has provided both greater security and efficiency, allowing senders to use credit and debit cards as well as links to bank accounts and mobile phone apps, and receivers, depending on the country, to get bank transfers, cash, mobile money such as m-pesa, and mobile phone airtime payments.

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