The African diaspora currently consists of more than 30 million individuals living outside their countries. Surveys estimate that migrants jointly contribute about US$40 billion in remittances to their families and communities back home yearly. Remittances are an integral component of Africa’s economic growth, as well as a vital necessity to the recipients back home.
Remittance companies have played a big part in how money moves back to Africa from the rest of the world. Africa is no small continent however which implies that the remittance business is no small cost venture for those companies taking part.
Initially, remittance companies had to set up physical stalls in every African country they had operations ; an act that proved very costly. Not to mention that the inability to reach rural areas of most nations yet majority of their recipients are from these places.
Remittance companies then incorporated with local banks in African countries where they operated but the challenge with this was that not many people have bank accounts because they are mainly centred in urban areas and have a lot of paperwork and procedures that many people find inconvenient.
What is the best alternative for remittance businesses then ?
Mobile money is Africa’s biggest and most popular money movement alternative among 90% percent of the countries on the continent. Remittance companies are advised to tap into these money transfer services for a wider reach of remittance recipients.
Remittance businesses are encouraged to use mobile money avenues because :-
- mobile money is easily accessible even in remote areas therefore giving the companies a wider market reach.
- Almost everyone on the continent owns a mobile phone and 60% of these have mobile money accounts as compared to those that have bank accounts which is far less.
How can the remittance companies access mobile money?
Dusupay is the answer to this – an online platform aimed at streamlining money movement across the continent gives remittance companies dealing with Africa an avenue to reach their recipients on mobile money through the convenience of Dusupay services.
All the remittance business has to do is incorporate with Dusupay which will enable the company have its funds delivered to their clients on their respective mobile money platform regardless of the country.
Remittance businesses have the opportunity to serve a larger scale of African market with Dusupay.
More about the Dusupay Octopus plan tailored for remittance companies – Dusupay Octopus