What remittance companies should know about sending money to East Africa

By November 30, 2017Blog Posts

Sending money back home is an essential aspect for many people in Africa, as they watched their loved ones and business partners set off to destinations outside their country’s borders ; they wait in anticipation upon the financial support sent home.

East Africa is one of the biggest receivers of remittance in Africa and has a host of companies dealing in the industry. Remittance companies need to understand that East Africa’s main form of money movement within the region is mobile money. The mobile induced money transfer mode is more than just a service but a lifestyle as well. Therefore working with mobile money would suite the remittance companies well for better market penetration.

The impact of mobile money in the region

In Tanzania, 38 million individuals have mobile money accounts and 8.9 million are active day to day users, with an average transaction value of $19. Kenya has 26 million users and 14.2 million active daily users.

 

Most influential mobile money platforms in the region

Tanzania mobile money platforms – Vodacom, Tigo

Kenya mobile money platforms – MPESA

Uganda mobile money platforms – MTN Uganda, Airtel Uganda

Rwanda mobile money platform – MTN Rwanda

How remittance businesses can go about working with mobile money in the region

Dusupay enables remittance companies to effectively reach out to a larger number of recipients in East Africa by helping them access the popular mobile money options in the region.

When a remittance company incorporates with Dusupay, their funds are paid out to the intended recipients on their mobile money accounts through Dusupay. Thus promoting convenience and cutting costs for remittance companies targeting the region.