Paysend expands digital money transfer services in Africa

Ukheshe, ForexPeople in joint venture to boost remittances in Africa

Digital money transfer provider Paysend, has announced that it is expanding its digital money transfer services footprint in Africa.

The move follows a report published by the World Bank that it is setting out plans to digitalize the entire African continent.

Paysend’s two million users will be enabled to send money to countries like Benin, Madagascar, Malawi, Mozambique, Niger, Uganda and Zambia, bringing the total number of countries covered to 18, whilst at the same time covering 30% of the total market. 

Commenting on the expansion plans, Ronnie Millar, CEO of Paysend said, “Paysend has been present in Africa already some time in several major countries like Ghana, Kenya, South Africa, as well as Nigeria, which is one of the biggest receiving countries in the world. Paysend is focused on building an even stronger presence in Africa by opening more relevant corridors allowing people to send money to more countries across the continent.”

In recent years Africa has advanced its digital payment solutions mainly in East Africa, where digital wallets became popular after their introduction.

The World Bank plans to come up with new solutions and services for Africa within the next ten years.

Africa has had positive digital growth and withstood the effects of COVID-19 and this has seen more people switch to digital payments.

In April 2020, Rwanda saw five times digital payments made during the pandemic as compared to the period before.

The hunger for more digital coverage in Africa has been recognised by the World Bank, who wants to take digital coverage in Africa from the 27% it had in 2019 to 100% by 2030. The World Bank plans to increase the digital coverage in Africa from the 27% it had in 2019 to 100% by 2030.

Paysend will continue to drive digitalisation in Africa over the coming months by opening more African corridors and allowing more African expats to send money home to friends and family digitally.