WorldRemit, Wafacash to offer instant money transfers in west and central Africa

Digital money transfer service WorldRemit has partnered with Morocco-based financial services company Wafacash to offer instant money transfers across West and Central Africa.

Already in Morocco and Senegal, the service will expand into Cameroon, Benin, Burkina Faso, Niger and Cote D’Ivoire before the end of the year.

WorldRemit customers in more than 50 countries can transfer funds via an app of the website.

Ismail Ahmed

Ismail Ahmed

Wafacash is a subsidiary of Attijariwafa Bank, which has pay-out points at Wafacash and Attijariwafa Bank offices.

According to the World Bank remittances to Cameroon, Cote D’Ivoire and Senegal grew by 86 per cent, 130 per cent, and 74 per cent respectively during the decade ending in 2015. In 2015, Morocco attracted more than $7 billion in 2015, equivalent to seven per cent of its GDP.

Samira Khamlichi, Chief Executive at Wafacash, comments: “By extending our partnership with WorldRemit we wish to contribute to the improvement of the financial inclusion in our country and to the diversification of legal financial channels,” Wafacash chief executive Samira Khamlichi said. “This is only the beginning, as together with WorldRemit we will explore many other countries and horizons because our main objective is to better cater to the needs of our clients and business partners.”

Ismail Ahmed, Founder and CEO at WorldRemit, added: “We are delighted our partnership with Wafacash is growing,” WorldRemit founder and CEO Ismail Ahmed said. “We have a shared vision that money transfers should be as safe, fast and low-cost as possible. This expansion means more cash pickup points in the region, making our service even more convenient to our customers.”