Africa Update: Wafacash and WorldRemmit to offer instant money transfers across Africa

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Africa Update: Wafacash and WorldRemmit to offer instant money transfers across Africa

Morocco-based financial services company, Wafacash, has announced that the company is scaling up operations with digital money transfer service WorldRemit to offer instant money transfers across West and Central Africa.

The companies, who already work together in Morocco and Senegal, will expand into Cameroon, Benin, Burkina Faso, Niger and Cote D’Ivoire before the end of the year.

The new service will let WorldRemit customers in over 50 countries transfer money as easily as sending an instant message, using the app or website.

According to WorldRemit, its digital, mobile-first model significantly improves security and compliance standards. Senders no longer need to visit a bricks and mortar agent, which can be inconvenient and time-consuming – often forcing hard-working migrants to take time off work to stand in line.

Wafacash is a subsidiary of Attijariwafa Bank, one of Africa’s major banking institutions. The company currently has pay-out points at Wafacash offices and Attijariwafa Bank branches and agents, enabling customers to pick up funds quickly and conveniently.

Remittances in the region have experienced a decade of strong growth, amounting to a projected $34 billion across Sub-Saharan Africa in 2017.

Samira Khamlichi, Chief Executive at Wafacash, speaking on the expansion said: “By extending our partnership with WorldRemit, we wish to contribute to the improvement of the financial inclusion in our country and to the diversification of legal financial channels. Our extended partnership will allow WorldRemit customers in over 50 countries to send money to our cash pick-up locations across the region. This is only the beginning, as together with WorldRemit we will explore many other countries and horizons because our main objective is to better cater to the needs of our clients and business partners.”

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