If ever further proof were needed that mobile money services are on the rise in Africa, WorldRemit has just reported some impressive figures following its expansion into Tanzania.
The digital money transfer service has announced a 150% year-on-year growth with monthly unique transfers to Tanzania hitting 10 000 in the month of December 2016 alone.
The biggest amounts sent to Tanzania include migrants living abroad in countries such as Sweden, Australia, the UK, Canada and Norway. Tanzania has over 4 million citizens living abroad, which played a part of the reason for WorldRemit’s expansion into the region.
“Our Mobile Money partnerships combined with existing services for bank deposits and cash pick-up will give more choice to Tanzanians, further supporting the transition from costly offline remittances via high street agents to faster, cheaper and safer online transfer methods” said WorldRemit founder and CEO. Ismail Ahmed.
“Remittances play an important role in the economy of Tanzania – in 2015 the country received a total of $390 million according to the WorldBank, almost ten times the amount received in 2010,” WorldRemit said in a statement.
The service has also allowed users sympathetic with democratic causes to show their support; last year citizens both inside and outside Zimbabwe used mobile money transfer services – including WorldRemit – to bail out protesters that had been arrested by the ruling Zanu-PF government.