Xoom announced that customers in the US, UK, Canada and Europe can now send secure and convenient money transfers directly to mobile wallets in key markets across Africa with a focus on the underbanked segment.
This new service expands the company’s offering to send money to mobile wallet in Burundi, Cameroon, Ghana, Kenya, Madagascar, Malawi, Mozambique, Rwanda, Tanzania, Uganda, Zambia, and Zimbabwe.
This new service expands Xoom’s offerings in Africa as the current service already enables money transfers for cash pick-up, direct banks deposits and mobile reloads to 41 countries in Africa.
Julian King, Vice President and General Manager, Xoom commented:
“Sending money to Africa through traditional channels has always been expensive. We wanted to help bring down the cost and speed up the process to boost financial inclusion,
There is nowhere else in the world that moves more money on mobile phones than Sub-Saharan Africa. While there are only five bank branches per 100,000 people as of 2019, there are 1.04 billion registered mobile money accounts in Sub-Saharan Africa.”
Xoom is helping to bring down the cost to significantly with average costs of sending money to mobile wallets in select African markets ranging from 2-4% of the transaction as the cost of sending money through traditional channels to Africa is one of the most expensive in the world, with an average cost of 9.3 percent.
