Zantel EzyPesa puts WorldRemit’s transfers to two of Tanzania’s four Mobile Money services as the firm earlier signed a similar deal with Tigo Pesa which amounts to 25x more transfers to Mobile Money in Tanzania than to banks.
According to WordRemit’s founder and CEO Ismail Ahmed: “With so few bank accounts in Tanzania, Mobile Money is not just the preferred method of receiving international remittances, for many people it is the only option. There is little doubt that Mobile Money is going to be the main driver of widening financial inclusion, both in Tanzania and for the 2.5 billion unbanked people across the globe.
The firm raised $40m funding from Accel Partners in March this year to bring fair, transparent pricing to the money transfer industry. There are over 240 mobile money providers globally, WorldRemit aims to help customers send or receive money and make payments to make life for their friends, families and the users themselves.