Instant money transfers across West and Central Africa
Wafacash is partnering once again with WorldRemit to offer its customers instant money transfers across West and Central Africa.
Wafacash is a Morocco-based company part of Attijariwafa bank’s group, one of Africa’s major banking institutions. It has developed a range of payment solutions such as national and international transfers, a banking account Hissab Bikhir, a credit card Floussy, Salafcash and PayCash.
Remittances in the region have experienced a decade of strong growth, estimated at $34 billion across Sub-Saharan Africa in 2017.
According to the World Bank, the value of remittances to Cameroon, Cote D’Ivoire and Senegal grew by an estimated 86%, 130% and 74% respectively, between 2006 and 2015.
Morocco alone received over $7 billion in 2015 according to the World Bank, the equivalent of 7% of its GDP.
Over 8 million Moroccan expatriates are currently living abroad.
Scaling across Africa
Wafacash and WorldRemit first started working together in Morocco and Senegal. Both companies are now looking to expand to Cameroon, Burkina Faso, Benin, Niger and Cote D’Ivoire by the end of the year.
WorldRemit is a leading digital-first FinTech that has created a unique solution to let working migrants send money directly from their mobile. WorldRemit customers will benefit from this announcement and will be able to transfer money to be collected in Wafacash’s 1620 cash pick up locations.
Samira Khamlichi, Chief Executive at Wafacash, 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. 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.”
Ismail Ahmed says, Founder and CEO at WorldRemit, added:
“We are delighted our partnership with Wafacash is growing. We have a shared vision that money transfers should be as safe, fast and low-cost as possible. This expansion means more cash pickup points in the region, making our service even more convenient to our customers”.
WorldRemit now complete 700,000 transfers every month from more than 50 send countries to over 140 receiving destinations.
The article was first published in Africa Business Communities