WorldRemit grows in Africa

The Star Late Edition - - BUSINESS REPORT -

WORLDREMIT, a Bri­tish mon­ey­trans­fer op­er­a­tor, sees rev­enue from trans­ac­tions in­volv­ing Africans dou­bling by 2020 as more peo­ple on the con­ti­nent ac­cess mo­bile-pay­ment plat­forms and ex­pa­tri­ates send cash home. The seven-year-old com­pany, in which Face­book-backer Ac­cel Part­ners in­vested $40 mil­lion (R526.5m) in 2014, will open a re­gional of­fice in South Africa this year. South Africa is its largest mar­ket on the con­ti­nent in terms of money-trans­fer value, founder and chief ex­ec­u­tive Is­mail Ahmed said in an in­ter­view. An­other site will start oper­at­ing in Kenya, where the Lon­don-based busi­ness sees Africa’s high­est num­ber of in­di­vid­ual trans­ac­tions. “In the next two years we should be dou­bling our vol­ume ev­ery year,” Ahmed said in Kenya’s cap­i­tal, Nairobi. – Bloomberg

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