How money is transferred is a big deal anywhere in the world, the way funds move from one place to another remains a sensitive factor. For whatever reason one chooses to send money ; safety of money, speed of transfer and convenience will always be the key aspects to be considered.
Africa in particular is a continent that is hugely reliant on remittance from the diaspora – many have chosen to overlook the lack of employment where they come from or the small pay for work and have chosen to go overseas in search of better pay.
These people leave their loved ones or business partners back home with promises of sending money back – when the time comes, it is essential for those in the diaspora to know how best to send money back home. A wrong move at this stage could lead to delay in delivery, incurring extremely high costs or succumbing to fraudulent dealers.Therefore, it is important to know how best to send money to Africa.
When choosing the kind of remittance service that will work for Africa, there is need to understand that the African money movement is predominantly handled by mobile wallets with banks and cards coming in at a distant second. Everyone owns a phone accessible to mobile money which is the absolute contrast with banks whose subscription numbers are nowhere near comparable with mobile money.
For instance ; while Nigeria is the fastest growing economy in Africa, 56% of its population remains unbanked – a very big number for one of Africa’s greatest remittance recipients. 38 million people are recorded to be mobile money users in Tanzania, a trend that is identical across the other countries on the continent.
What does this mean for remittance companies
Numbers don’t lie – remittance businesses should ask themselves whether it is viable to insist on transfering money using banks or rather tailoring their services to use mobile wallets that have a more than ample subscription in Africa.
How to tailor your business to send money to Africa’s mobile money
Receivers of remittance have been provided with the simplest of ways to get their funds. Money remittance companies, with the help of DusuPay, can now send money to clients’ mobile wallets.
Once a company integrates with the Dusupay system, an option for the company to pay out using the required mobile money wallets convenient for the receiver appears. Hence breaking the barrier between Africa’s remittance and mobile money.