Xpress Money, a money transfer company, is planning to double the number of countries for mobile wallets in the region. The company will be launching a few more countries for mobile wallet services in Africa .
The transfer company saw a record 37 per cent growth in Mobile Wallet Credits to Africa last year and foresees a similar trend this year too. The convenience and safety of their service has led to an increasing demand for mobile money services.
Xpress Money cashed in on the fact that more than half of the world’s mobile money services operate in Africa.
“While the journey of mobile money technology started with M-Pesa in East Africa, today West Africa and South Africa are strong bastions for mobile money services,” said Xpress Money COO, Sudhesh Giriyan.
“Uganda, Burundi Tanzania, Nigeria and Zimbabwe are few of the other important mobile markets in Africa in addition to Kenya. Leveraging our reach in the continent, we have tied up with telecom service providers to expand our mobile wallet network in 2019.”
The social and financial impact of mobile wallets has helped people channelize their savings better, endure financial setbacks and have access to structured financial services. Mobile wallet services have been a gateway towards financial inclusion across Africa.