Before remittance businesses started money transfer services to Africa, it used to take a long time delivering money to loved ones and partners back home. The other alternative was to find somebody travelling home to take the money along which was a complex issue in its own right. Some resorted to more unconventional ways such as hiding money in mails but were often unlucky after post office workers in Africa discovered that letters from abroad contained cash and would steal the finances before they reached the destination.
Transfer of remittance by banks was also rare as most European banks did not accept transfers to Africa and banks charges were very high on international transfers. Moreover, most recipients in Africa didn’t have bank accounts anyway. Therefore, rendering financial assistance to their families and friends at home had become a sore subject for Africans living and working abroad.
Over the years, things have changed for the better – there are many Money Transfer Operators (MTOs) offering remittance services in the cities and towns across Europe, dealing with the vast continent of Africa. Such that the market is getting increasingly competitive with the entry of new remittance companies that are targeting the high demand of the people in Africa.
Money transfer companies dealing with mobile wallets
Since remittances have been rightly described as a lifeline to millions of families in Africa, it is important for remittance companies to understand that people use mobile wallets as they most pronounced and popular form of receiving money.
Remittance companies that pay out to clients using mobile wallets have registered immense success because of one thing – understanding their target market and customizing their services accordingly hence drawing more people to use such companies.
How do these businesses deal with mobile money in Africa
DusuPay allows Money Transfer Operators to send money using their preferred payment platforms to the recipient’s mobile money account. DusuPay links money transfer services with their clients with utmost convenience.