“With so few bank accounts in Tanzania, Mobile Money is not just the preferred method of receiving international remittances, for many people it is the only option.
London, United Kingdom (PRWEB UK) 10 September 2014
WorldRemit - the online money transfer service - announces that its customers can now send remittances to Zantel EzyPesa accounts in Tanzania.
The addition of EzyPesa means that WorldRemit now offers transfers to two of Tanzania’s four Mobile Money services. Customers can also send money to friends and family using Tigo Pesa.
Tanzania is one of nine countries in the world where Mobile Money accounts outnumber bank accounts. WorldRemit already sends 25x more transfers to Mobile Money in Tanzania than to banks, even before the launch of EzyPeza.
WordRemit’s founder and CEO Ismail Ahmed said: “With so few bank accounts in Tanzania, Mobile Money is not just the preferred method of receiving international remittances, for many people it is the only option.
“There is little doubt that Mobile Money is going to be the main driver of widening financial inclusion, both in Tanzania and for the 2.5 billion unbanked people across the globe.
“To WorldRemit, that means vast new markets to serve, in addition to the business we are drawing away from old-fashioned offline remittance companies.”
In Tanzania, just 11% the population has access to a bank account, while 41% are active Mobile Money users. (1)
Inbound remittances to Tanzania have doubled in the past five years from $37m in 2008 to $75m in 2013. (2)
That trend is being repeated around the world with 246 Mobile Money services currently active and further 113 deployments in development. (3)
WorldRemit is an online service that lets people send money to friends and family in other countries. Customers can use WorldRemit anywhere, anytime on their computer, smartphone or tablet.
For those receiving money, WorldRemit offers a range of options including bank deposit, cash collection, Mobile Money, and mobile airtime top-up.
With low fees and guaranteed exchange rates, WorldRemit is bringing fair, transparent pricing to the money transfer industry.
The service is available in 50 countries and sends to more than 100 destinations.
In March 2014, WorldRemit received $40m funding from Accel Partners.
WorldRemit’s global headquarters are in London, UK with regional offices in USA, Canada, Australia, New Zealand and Hong Kong.