MONEY REMITTANCE ORIENTATION AND PAYING OUT IN AFRICA
Way back before money remittance companies became a revolutionary phenomenon in 1995, Money transfer to Africa would take a long time, weeks at best if not months for one to find somebody travelling home to trust with their money when delivering it back home.
The system became so risky that people resorted to hiding money in mails when sending to their loved ones until post office workers discovered that letters from abroad contained cash and a lot of it was lost in the process never to reach the intended destination.
Alternatively people abroad assumed banks to be another efficient money transfer method however most European banks did not accept transfers to Africa on top of which charges were rather high for international transfers. Moreover adding insult to injury, most prospective recipients in Africa didn’t have bank accounts anyway further complicating the situation.
Fast forward through the years, many remittance services are abundant in cities across Europe which have made money transfer to Africa far easier. However the biggest challenge is the more than average charges that prove to be a huge difficulty to those trying to send money home. Fees for remitting money vary wildly. On average migrants sending money home to Africa lose 12% to fees. Moving money between African countries can cost much more to Tanzania from neighboring Kenya or Rwanda, for example, costs an average of 22% (or a $44 cut on $200 transferred).
Money remittance companies however face a huddle in the guise of mobile money which has taken the money transfer business by storm. Its accessibility and simplicity has made it the go to option in the continent but this means that those sending from abroad have an obstacle since mobile money doesn’t exist outside Africa.
“ HOW THEN CAN ONE PAY OUT TO AFRICA WITH THE CONTRADICTION OF MONEY REMITTANCE AND MOBILE MONEY? ”
With DUSUPAY, the sender from outside Africa can pay out using mobile money through the DUSUPAY integrated system that provides an option for one to pay out using the required mobile money wallet convenient for the receiver therefore breaking the barrier between money remittance companies and mobile money.