With the number of people from Africa that work overseas on a constant rise, the remittance service is more of a necessity than a by the way to those concerned ( those working abroad and those back home in Africa). People need to send money home while putting into consideration cost and convenience.
Banks as a medium of receiving remittance in Africa is still a sore subject. WHY? – majority of Africa is unbanked with many siting issues regarding a lot of procedures, paperwork and restrictions that irk people. In addition, banks are mostly centrally located meaning it takes a lot for people in rural areas to access funds sent to them, yet they are the largest recipients.
Mobile wallets on the other hand are a big hit on the continent, this is because people receive their money on their mobile phones wherever they may be and at whatever time. Only 5% of Africa doesn’t subscribe to mobile money and this portion doesn’t rely a lot on remittances that much. The other percentage is hugely reliant on money sent from the diaspora and is the reason why Africa receives volumes of funds in remittance to the tune of 35.2 billion dollars as of 2015 – The number continues to grow annually.
In all the countries that depend on money that is remitted, more than half of their economies use mobile wallets as a core way to carry out money transfers.
“Why then should remittance companies try to alter the dynamic when they could benefit more from the trend”
How can remittance companies tap into mobile wallets without changing their entire set up?
DUSUPAY allows remittance companies from the diaspora to pay out using mobile money through the DusuPay system providing an option for one to send using the required mobile money wallet convenient for the receiver.
With this, remittance companies provide convenience, reach a wider market and save even more time on money transfer.