With the global money transfer industry set to reach $610 billion in 2016 and $635 billion in 2017, it is only natural for global money transfer players around the world to stiffen their strategies to cash on this huge potential that the industry has to offer.
Xpress Money too, has geared up with a comprehensive strategy to use this opportunity to our advantage. Amongst various countries and regions that are on our radar, the African continent ranks high on the list of priorities. With an aim to not only increase our network, but eventually lower remittance costs in the region (Africa is one of the most expensive regions for remitting money – at times as high as 12% of the principal amount), Xpress Money has partnered with key players across the region.
In 2015, Xpress Money increased its presence in Africa by over 30% by strategically collaborating with major banks, telcos and NBFC’s across the region. In 2016 too, the brand is set to see a similar increase with 6 new partnerships already paving way for the desired growth. We have partnered with Kenya Commercial Bank in Kenya, Debub Bank & Addis International Bank in Ethiopia, Prudential Bank & Uni Bank in Ghana and First International Bank in Gambia.
Along with the network expansion plan in Africa, Xpress Money is aggressively focusing on cutting down remittance costs in the region. We recently announced a reduction in transfer fees for 8 Sub-Saharan nations from the UAE with a cost cut of a combine average of 38%.
According to the World Bank report, the global average cost of sending money is 7.37% while the average cost of sending money with Xpress Money is already as low as 2% globally.
Xpress Money is also aggressively expanding its newer channels of money transfer. With strategic tie-ups like MTN in Ghana and Safaricom in Kenya, money transfers can be received not only in cash or into a bank account, but also into a mobile wallet in various countries in Sub-Saharan Africa. With the recent launch of a social remittance app – XOPO, in partnership with Fastacash, tech savvy African remitters residing in the UK, can now send money using various social media platforms as well.
We are leaving no stone unturned to ensure that we provide ‘more convenience’ and ‘more benefits’ to our customers – with our lower remittance costs, wide range of services and a strong network across the continent.
