Mobile Money is revolutionizing countries across the world. The simple, innovative mobile technology enables users to make immediate, real-time money transfers to family and friends located across the world. Through this technology, sending money has become as simple as sending a text message from a phone. The money received can be accessed at any point, to pay bills or buy items; both online and in shops; and save money for the future.
The money received through the mobile money app works like a mobile wallet. This capability of providing access to financial services is transformational; through which over two billion people, worldwide, who have limited access to formal banking services – popularly called the unbanked citizens – can access their finances without having to travel long distances to get to the nearest bank and access their money.
As one of the leading IMTOs, we believe in strategically collaborating with partners in the financial supply chain to enable as many people as possible with safe, secure and convenient remittance channels which includes mobile money transfers. Our recent partnership with ICT Company Huawei, which aims at driving mobile money services, will enable the unbanked people in Africa.
The partnership will give Xpress Money access to Huawei’s mobile money service platform, which has over 100 million mobile money accounts globally. The technology is not restricted, and because it works on both smartphones and basic handsets, it has been particularly successful in developing markets.
Xpress Money customers can use the service to make online and offline payments, pay for essential services such as utilities and school fees, as well as financial services like loan applications, insurance and banking. With a more convenient and cheaper remittance service, we aim to enable people to transfer money easily and believe that it will improve the state of financial services for Africa’s unbanked.
Mobile money is a critical technology for those that have limited access to formal banking services. There are over 500 million mobile money accounts currently in use, and our partner Huawei services over 100 million of these.
Huawei’s mobile money partners in Africa include Safaricom, Vodafone, Vodacom and Teasy Mobile in ten African countries; these include big markets like Kenya, Ghana, Nigeria and Zimbabwe.
Xpress Money has a global presence in more than 165 countries across 200,000 agent locations providing simple, fast and secure money transfer solutions to thousands of customers, every day.