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Tag: WorldRemit

  • WorldRemit, Paga to launch mobile money transfer

    WorldRemit has hinted of plans to extend its presence in Nigeria by joining forces with Paga, Nigeria’s mobile money company, for international digital money transfers.

    Using the WorldRemit app or website, the Nigerian diaspora living in over 50 countries will soon be able to send money quickly and securely to over 11 million Paga users.

    The new partnership will considerably grow WorldRemit’s footprint in Nigeria, expanding the company’s service offering from bank transfer and airtime top-up to include mobile money. The introduction of international transfers to mobile-to-mobile accounts in Nigeria supports WorldRemit’s commitment to financial inclusion in the country, where nearly 40 per cent of the adults are unbanked.

    WorldRemit’s mobile-first, digital model saves customers time and money as they do not have to visit a bricks and mortar agent to send money home. International transfers to Paga mobile money wallets via WorldRemit will be instant. Recipients will then be able to transfer funds from their Paga wallets to other users of Paga wallets or bank accounts, top-up mobile airtime, and pay for bills and groceries at shops and businesses that accept Paga payments. Customers will also be able to withdraw money as cash at Paga agent locations, perform cardless withdrawals at select ATMs or store their funds in their Paga accounts.

    Tamer El-Emary, Chief Commercial Officer at WorldRemit, comments: “Paga and WorldRemit share a commitment to making life easier for Nigerians sending and receiving money. Our partnership represents a new milestone for WorldRemit as we expand our service offering in Nigeria to include mobile money, a technology that has been transformational for communities across Africa.

    Founder & CEO of Paga, Tayo Oviosu, said: “At Paga, we are committed to making money transfers seamless and convenient. Our partnership with WorldRemit is a further example of our commitment to making it easy to send and receive money digitally. Many Nigerians in the diaspora support members of their family living in Nigeria, and often times these family members may be depending on that stipend to survive”

  • Access Bank, WorldRemit partner on money transfers

    Digital money transfer service firm, WorldRemit, has partnered with Access Bank for instant money transfers to Access Bank accounts in Nigeria.

    The new partnership further expands WorldRemit’s presence in Nigeria, allowing its customers in over 50 countries to send money to millions of Access Bank accounts directly from their phones.

    Access Bank has an extensive network of millions of customer accounts and over 340 branches. The new partnership with WorldRemit will increase convenience and ease of banking for Access Bank’s customers in Nigeria as well as support the country’s efforts to achieve financial inclusion.

    Plans to grow the partnership will connect over 15 million Access Bank customers in Nigeria, Democratic Republic of the Congo, Ghana, Rwanda, the Gambia, Sierra Leone and Zambia to WorldRemit’s best in class online money transfer experience. The deal supports WorldRemit’s plan to serve 10 million customers connected to emerging markets by 2020.

    With a diaspora of 15 million people living in countries including the United States, the United Kingdom, Australia and Canada, remittances play a significant role in Nigeria’s economy. The World Bank estimates that in 2017 alone Nigeria received $22 billion in remittances, making it the largest recipient in Africa.

  • Fidelity Bank, WorldRemit partner on money transfers

    WorldRemit customers in over 50 countries can now send money instantly to Fidelity Bank accounts from their mobile phones.

    The money transfer firm has joined Fidelity Bank, one of Nigeria’s top financial services providers, for instant money transfers to four million accounts in Nigeria.

    The new partnership expands WorldRemit’s footprint in the country and allows the 15 million-strong Nigerian diaspora living in over 50 countries – including the United States, the United Kingdom, and Germany – to send money directly from their phones to recipients in Nigeria. The deal supports WorldRemit’s plan to serve 10 million customers connected to emerging markets by 2020.

    Fidelity Bank is one of the largest banks in Nigeria with an extensive network of branches across the country. The bank is committed to innovating its digital products to provide convenience and ease of banking for its customers. The collaboration with WorldRemit supports Fidelity Bank’s dedication to innovation and increasing financial inclusion.

    Remittances play important role in the economy. The World Bank estimates that last year, Nigeria received over $22 billion in remittances, making it the largest recipient in Africa and fifth largest globally.

    WorldRemit’s Regional Director for Africa and the Middle East, Andrew Stewart, said: “Nigeria remains our largest and fastest growing market in Africa, and WorldRemit’s second biggest market globally. We are delighted to be partnering with Fidelity, a leading bank in Nigeria and a major player in the remittance business, to introduce its customers to our best in class online money transfer service, which offers a safer, faster and more cost-effective way to send and receive funds.”

    Fidelity Bank Plc Managing Director/Chief Executive Officer, Nnamdi Okonkwo said: “WorldRemit offers a low-cost way to send and receive money. The opportunity for our customers to receive money from over 50 countries in a quick, affordable and convenient manner with WorldRemit is in line with our promise to deliver a new standard of service in the financial services industry.”

     

  • Money transfer: FirstBank, WorldRemit partner

    WorldRemit, a digital money transfer firm, has partnered with First Bank of Nigeria Limited to deliver instant money transfers to all of the lender’s acounts in Nigeria.

    The partnership considerably expands WorldRemit’s footprint and allows its customers in over 50 countries to send money to FirstBank accounts directly from their phones.

    Over the years, FirstBank has taken the lead in providing relevant e-payment options for its customers. The bank pioneered with Western Union Money Transfer in 1996, then Transfast Money Transfer, MoneyGram, Ria, PayPal, Pay Attitude and now, WorldRemit.

    Speaking i at the pact signing in Lagos, Deputy Managing Director, First Bank of Nigeria Limited, Gbenga Shobo, said the lender has extended its frontiers to WorldRemit in order to leverage the wide e-platform capabilities it offers to further ease the money transfer process for our numerous customers across the globe who seek new and easier payment transaction options regularly.

    “WorldRemit’s mobile-first, digital model complements FirstBank’s digital strategy to drive convenient banking transactions from the comfort of homes and offices using the FirstMobile and FirstOnline banking platforms,” he said.

    He added: “WorldRemit’s plan to serve 10 million customers connected to emerging markets by 2020. FirstBank is collaborating with WorldRemit to drive convenience and ease of banking for its teeming customers as well as provide the much-needed push for financial inclusion initiatives.

    Established since 1894 and with footprints in six African countries and a full-fledged branch in London, FirstBank has over 14 million customer accounts and more than 750 business locations providing a comprehensive range of retail and corporate financial services across these markets”.

    Regional Head of Middle East & Africa at WorldRemit, Andrew Stewart, said: “We are delighted to be partnering with First Bank, one of Nigeria’s leading banks, to give its 14 million customers access to our best in class money transfer experience. Nigeria remains our largest and fastest growing market in Africa and WorldRemit’s second biggest market globally. This is a key partnership in the country that will further support Nigeria’s transition from offline remittances to online, safer, faster and lower-cost money transfer methods.”

    He said that with a diaspora of over 15 million people living in countries such as the United States, the United Kingdom and Germany, remittances play an increasingly important role in Nigeria’s economy. The World Bank estimates that in 2017 alone, Nigeria received over $22 billion in remittances, making it the largest recipient in Africa.

     

    Sub-Saharan Africa still remains the most expensive region to send remittances to, with an average cost of 9.4 percent for sending $200, according to the World Bank.

    WorldRemit’s mobile-first, digital model provides migrants abroad with an affordable means of sending money, in a few taps directly from their phones – without the inconvenience of visiting brick and mortar agent locations. WorldRemit customers’ complete over one million transfers every month from 50 send countries to over 145 destinations. More than half of these transfers go to Africa.

    According to Group Head, Products and Marketing Support at FirstBank, Abiodun Famuyiwa, the bank is excited to be working WorldRemit in delivering swift digital remittances to its customers in Nigeria. This partnership is one of the numerous ways the Bank would continue to put customers first by leading the industry in the use of technology to provide safe, convenient and fast banking solutions.

     

  • WorldRemit, Lebara partner on money transfer

    Lebara and WorldRemit, two leading brands serving international residents, have entered into a strategic partnership making WorldRemit the exclusive global money transfer partner of Lebara, including transfers to Nigeria.

    The deal allows over three million Lebara Mobile and Lebara Money users to use WorldRemit’s digital money transfer service seamlessly, directly from the Lebara app and website. This supports WorldRemit’s plan to serve 10 million customers connected to emerging markets by 2020.

    Lebara customers living in the United Kingdom (UK), France, Germany, Spain, Denmark and Netherlands will benefit from WorldRemit’s extensive payout network in over 145 countries. This will provide a more convenient and lower cost alternative to the 90 per cent of migrants, who still send money through offline routes.

    As part of the deal, WorldRemit will also benefit from co-branding in Lebara’s full retail estate stores and advertising in Lebara Mobile simpacks sold in 260,000 stores across western Europe.

    WorldRemit founder and Chief Executive Officer, Ismail Ahmed, said: “We are delighted to be partnering one of the world’s premier MVNO brands targeting international residents in Europe, giving its users access to our mobile-first service. With more than 260,000 points of sale, Lebara’s visibility and brand awareness complements WorldRemit’s strong digital capability. This partnership will introduce our safe, fast and low-cost remittance service to millions of new customers.

    “WorldRemit has been working with telecommunication partners on the receive side, but this is our first strategic partnership with a mobile operator on the send side. We look forward to strengthening our leading position in the market with equally ambitious partnerships in the future.”

  • WorldRemit targets 40,000 Nigerian community abroad

    WorldRemit has launched in New York, connecting the state’s 42,000-strong Nigerian diaspora to its fast, low cost service.  Nigerians make up the largest African diaspora group in the United States, and New York City is home to the largest Nigerian population, followed by Houston and Washington.

    The United States (US) is the world’s biggest sender of remittance and the amount of money sent has grown from $50 billion to $66 billion over the past five years, according to the World Bank.

    The company has been sending money to Nigeria since 2011 and handles over 100,000 transactions each month. On average our Nigerian consumers saved over $87 in sending costs versus Western Union in 2017 when sending money from the United.

    WorldRemit handles a growing share of the global $600 billion remittance market. Its mobile-first, digital model allows customers to complete their transactions in just a few taps from a smartphone – without the need to visit a bricks and mortar agent.

    Founder/CEO WorldRemit, Ismail Ahmed, said: “Millions of customers around the globe send funds to family and friends back home with WorldRemit. New York is truly a melting pot of people and cultures and we are pleased that we can now bring the benefits of our lower-cost, convenient service to all the diverse communities of New York.”

    Regional Director of Middle East & Africa at WorldRemit, Andrew Stewart, added: “We are delighted to launch New York as a send location, connecting thousands of Nigerians living in the state to their family back home. Nigeria is an important market for us and our large network of receive options across the country makes it fast and convenient to access funds sent with WorldRemit.”

    The company started its money transfer operations in the US in 2014. With the addition of New York, the US is set to become WorldRemit’s largest send market – it is already one of the company’s fastest growing send markets with more than 200 per cent year on year growth.

    Founded by entrepreneur Ismail Ahmed in 2010, WorldRemit has secured $220 million in funding rounds led by Accel and TCV – early investors in Facebook, Spotify, Netflix and Slack.

  • WorldRemit raises $40m, eyes 5m customers

    Digital money transfer service, WorldRemit, has raised $40 million to drive its next phase of global growth, aiming to serve 10 million customers connected to emerging markets. Half of these customers will be in Africa.

    As part of the expansion, WorldRemit will enable customers in Africa to transfer money to 148 countries as easily as sending an instant message, using the WorldRemit app. Countries in Africa which now receive remittances through WorldRemit will become send countries. Most importantly, the new service will make sending money within Africa faster, easier and at low cost. According to the World Bank, inter-Africa transfers are amongst the most expensive in the world.

    Money transfers to Africa account for more than half of WorldRemit’s total volume of transactions. The company currently handles 74 per cent of remittances to popular mobile money services across Africa like MTN, Ecocash, Tigo Pesa, Vodafone M-Pesa and Airtel Money, making it the global leader in mobile-to-mobile international money transfers.

    Founder and CEO at WorldRemit, Ismail Ahmed, said: “This new funding will fuel our growth, and help bring our service to millions more customers across the globe. Africa is a crucial market for us and over the next few years, we will expand our services so customers can send and receive with WorldRemit, getting the benefits of our fast, secure online service.”

    Since its last funding round in 2015, WorldRemit has launched 206 new services across the globe and has grown its transaction volume by 400 per cent. Last month WorldRemit became Arsenal FC’s first-ever online money transfer partner.

    The Series C round was led by LeapFrog Investments – a dedicated equity investor in emerging markets, supporting fast-growth firms that deliver social impact alongside commercial returns. The round also had significant participation from existing investors Accel and TCV.

    This latest funding round follows a Series B investment raised from TCV in 2015 and a Series A from Accel and Project A in 2014 – then one of the largest ever Series A rounds in Europe.

     

  • WorldRemit launches Android Pay

    WorldRemit, a digital money transfer service firm, has added Android Pay to its service, offering a new way for its Android Pay users to send money internationally and reach millions, using mobile money accounts.

    Pioneering a mobile-first approach to the $600 billion a year remittance industry, the move sees WorldRemit bringing together the leading players in mobile payments from Silicon Valley and Sub-Saharan Africa.

    Launching the global rollout of the service at MoneyConf 2017, WorldRemit will enable Android Pay users to safely send money to +112 million mobile money accounts accessible via its network. The integration will make WorldRemit the only remittance provider offering international payments through Android Pay around the globe.

    By connecting directly with Android Pay, WorldRemit customers can transfer money instantly across continents in just five taps – without entering credit card or 3DS details. Using mobile money, a recipient customer can then pay for school fees, utility bills and groceries among other things directly from their mobile phones – without the need for 3G or wifi. As Android Pay is supported by industry standard tokenisation, payments are sent with a virtual account number providing an extra layer of security.

    WorldRemit currently sends money to more mobile money accounts than any other operator in the world. The company enables migrants to send money from their smartphones to the mobile phones of the people they love, in over 140 countries to be paid out in cash, paid into a bank account or into a mobile money account.

    Alice Newton-Rex, VP of Product at WorldRemit, said: “Currently 60 per cent of WorldRemit app users are on Android, which is also by far the most popular mobile operating system in the developing world, where two billion people are still unbanked, but critically half a billion use their mobiles as a bank account.

    “This integration with Android Pay is the next logical step of our mobile first approach, and continues our commitment to providing greater financial inclusion.’’

    Director, Product Management at Google, PaliBhat, said: “We want to make it easier for organisations like WorldRemit to offer a simpler, faster in-app payment solution for their customers. With Android Pay, people will be able to speed through checkout with their Android phones in a few clicks”.

    WorldRemit users make around 600,000 transactions every month, sending from over 50 countries to more than 140 destinations.

  • WorldRemit praises CBN on licensing of new IMTOs

    WorldRemit, one of the digital remittance service companies licensed by the Central Bank of Nigeria to operate money transfer services in the country has applauded the Central Bank of Nigeria (CBN) for the action.

    In a statement, the firm said that hundreds of International Money Transfer Operators (IMTOs) last month suspended their operations in Nigeria, leaving the Nigerian Diaspora to rely on Western Union, MoneyGram and Ria.

    It said that WorldRemit has received a letter of approval from the CBN enabling its digital money transfer services in Nigeria to continue.

    WorldRemit launched its service to Nigeria in 2011 when it pioneered low-cost instant deposits to all bank accounts. The service provided the Nigerian Diaspora with an easy, fast and secure way to send money home as well as bringing much-needed foreign exchange into the local economy. Supporting the country’s move towards a cashless economy, 100 per cent of transactions were either bank deposits or airtime top-ups.

    Founder and CEO of WorldRemit, Ismail Ahmed, said: “We commend the CBN for reaffirming the country’s commitment to building an enabling environment and level-playing field for international money transfer services to Nigeria. The new environment will help to bring the estimated 50 per cent of remittances to Nigeria that currently go through unregulated, informal networks into the formal channels.

    “We’re grateful to the many Nigerians both at home and in the Diaspora that supported our call for money transfers to be restored. A competitive remittance market provides Nigerians with greater convenience and better pricing.”

  • WorldRemit raises $45m to drive next phase of growth

    Money transfer service WorldRemit has raised $45 million in financing from TriplePoint Venture Growth BDC Corp. and Silicon Valley Bank.

    In a statement, WorldRemit says the fund will be used to support its rapidly growing transfer volumes.

    The WorldRemit app lets people send money straight from their smartphone, instead of having to travel to a money transfer agent. Those receiving money– often in developing countries – can collect the funds as Mobile Money, bank transfer, for cash pickup or as a mobile airtime top-up.

    WorldRemit is the UK’s fastest-growing technology company (Deloitte Technology Fast 50 2015). The money transfer service generated $39m in revenue in 2015 – making it one of Europe’s biggest FinTech firms – and currently enables around 400,000 transfers every month.

    The latest financing will help WorldRemit expand its network of partners across the world, increasing availability of instant money transfers to customers. Remittances sent via traditional money transfer agents often take days to arrive.

    President of TriplePoint Venture Growth BDC Corp., Sajal Srivastava, explains: “We are delighted to join Accel Partners and Technology Crossover Ventures in support of WorldRemit’s continued international expansion. It is exciting to be involved with a service that delivers real benefits to people around the world while demonstrating impressive business growth.  WorldRemit represents what the FinTech revolution has to offer: – innovation, empowerment to individuals and new opportunities to the financial services industry.”

    Head of EMEA and President of UK Branch, at Silicon Valley Bank, Phil Cox said: “We’re pleased to play a part in driving WorldRemit’s impressive global expansion. Operating across the world gives WorldRemit diversified revenue streams and a huge customer base. This is a great story of tech for good – the social impact of connecting remittances to Mobile Money services in the developing world has been huge and looks set to continue.”

    WorldRemit’s CEO  & Founder, Ismail Ahmed, said: “We want to give people the power to share money anytime, anywhere. This latest financing will help more people send instant money transfers to their loved ones through the WorldRemit app. WorldRemit will continue to build partnerships with Mobile Money services, banks and payout networks around the world so that our service becomes universal.”