Digital money transfer service, WorldRemit, announced on Monday it is consolidating its expansion into Tanzania and also stated it hit a new record of 10,000 transactions completed in the month of December 2016 alone. The company also reported 150% YoY growth in 2016, driven primarily by the rapid expansion of mobile money accounts as the preferred receive method.
WorldRemit reported that customers may now send money to Tanzania via Mobile Money to Tigo Pesa, Vodacom M-Pesa and Zantel Ezy Pesa Mobile Money accounts, as well as bank deposit and cash pick up. The company noted that the biggest senders to Tanzania include migrants currently living in the UK, Sweden, Australia, Norway, and Canada.
WorldRemit also explained that remittances play an important role in the economy of Tanzania – in 2015 the country received a total of $390 million according to the WorldBank, almost ten times the amount received in 2010. Ismail Ahmed, founder and CEO at WorldRemit, added:
“Our Mobile Money partnerships combined with existing services for bank deposits and cash pick-up will give more choice to Tanzanians, further supporting the transition from costly offline remittances via high street agents to faster, cheaper and safer online transfer methods”.
WorldRemit customers currently send over 580,000 transfers every month.