Thus, Tigo and WorldRemit sees huge growth in near future in money transfers to mobile phone accounts in the country, two years since the two joined hands.
WorldRemit, Regional Head, Middle East & Africa Andrew Stewart, said the amount was sent through Tigo accounts on an annualised basis. “Our partnership with Tigo provides more choice to millions of Tanzanians living and working abroad, giving them a simple, safe way to support their friends and families without having to wait in line at a money transfer agent.”
The two partnerships enable those in diaspora globally to send money back home instantly at a very affordable rate. Using WorldRemit platform— website or app—senders are now moving away from costly offline remittances— bricks and mortar agents—to faster, safer and lower cost online transfer methods.
A report by Financial Sector Deepening Africa, released mid-year showed that senders spent 14 per cent compared to 10 per cent of Africa and about 7.5 per cent of global average of face value to transmit nonbusiness payment to Tanzania from UK.
Hence, make the country the most expensive destination in Africa to send remittance form UK. Tigo Tanzania Chief Officer – Mobile Financial Services, Hussein Sayed, said the second largest telecom dedicated to delivering the full range of financial services to customers.
“As part of our financial inclusion objective, we look to cater not only for the market within the Tanzanian borders, but all Tanzanians,” Mr Sayed said. The amount released yesterday puts Tigo Tanzania at forefront as WorldRemit’s fastest growing payout method in the country just over two years after the two companies joined forces.
The service enables those in diaspora in over 50 countries send remittances to all Tigo’s mobile money accounts in the country, instantly. Tigo account holders are then able to re-send money domestically, buy top ups, pay bills, or simply cash out through Tigo’s extensive agent network.
In 2015 the country received over 400 million US dollars in inward remittances flows, according to the World Bank.
WorldRemit’s mobile first, digital model on the send side allows hard working migrants to send money in a few taps directly from their phones - without the need to visit or stand in line at a bricks and mortar agent.
Globally, WorldRemit customers now complete 750,000 transfers every month from over 50 send countries to 148 receiving destinations and claimed a 74-per cent of all remittances sent through international money transfer operators to mobile money services.
SOURCE: DAILY NEWS
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