Xpress Money, a money transfer brand based in Dubai, announced its plans to expand in the African remittance market.
Based on recent trends in migration and technology adoption in various African countries, the brand expects the African market to grow in the next three years. 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. 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.
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 to the rest of the world, remain high. While the average cost of sending money to Sub Saharan Africa is 9.27 percent of the transfer amount; with key partnerships, Xpress Money has brought down its average cost to 4% in the region. What's most fascinating about the African Market is the impact of technology. We are now seeing countries like Nigeria opening doors to blockchain technology to better various aspects of governance and business, including remittances. The adoption of technology will surely bring a whole new era of inclusion to the previously unreachable population. The next few years are going to be interesting."