DUBAI: Aiming to grow its presence and market share in Africa, Xpress Money, one of the world’s largest money transfer brands, has embarked on a grand expansion plan in the African market, an official release said.
The brand expects the African corridor to grow phenomenally in the next three years, based on recent trends in migration and technology adoption in various African countries. Xpress Money is looking at doubling their network presence in Africa with large pan-Africa bank partnerships in the pipeline.
Various African countries rely heavily on remittances to maintain their national GDP. In fact, remittances are the continent’s second largest source of foreign inflows after foreign direct investment (FDI).
To facilitate convenient remittances, Africa has always been at the forefront of innovative payments solutions and one of the earliest adopters of mobile wallets. In the past, Xpress Money has partnered with leading mobile wallet service providers in the region to offer convenient services to its customers. Currently, the brand offers mobile wallet money transfers to five countries in Africa and plans to expand to five more countries in the second quarter (April 1 to June 30). “With its recent associations with TerraPay and Huawei, Xpress Money has the potential to reach out to over 100 million people in the continent,” the release said.
Speaking about the organization’s focus on the African Continent, Sudhesh Giriyan, COO, Xpress Money, said, “Africa has been an exciting market for the remittance industry since the very beginning. While we are witnessing a regular growth in remittances to the region, remittance costs, compared with the rest of the world, remain high.”