WorldRemit signs partnership with Safaricom to boost remittances

WorldRemit, the leading digital money transfer service, has recently announced a groundbreaking partnership with Safaricom, Kenya's largest telecom company. This strategic collaboration aims to enhance cross-border remittances by enabling instant transfers to 28.6 million M-PESA mobile money accounts in Kenya. Sharon Kinyanjyui, the Head of East and Central Africa at WorldRemit, elaborated on the details of this pivotal deal during an exclusive interview with CNBC Africa. WorldRemit prides itself on being a pioneer in the digital remittance space, offering a seamless platform for users to send money globally. Customers can easily initiate transfers through their mobile phones or the WorldRemit website by providing essential details such as the recipient's mobile number and name. The flexibility of funding sources, including credit/debit cards and bank accounts, allows for swift transactions directly to SafariCom's M-PESA users. The significance of intra-African digital remittances is not lost on WorldRemit, with a keen focus on facilitating seamless money transfers within the continent. Despite the high costs associated with traditional remittance services in Africa, WorldRemit aims to reduce these financial barriers through its innovative digital platform. By leveraging technology to streamline the transfer process, WorldRemit is dedicated to driving financial inclusion and supporting trade among African nations. Addressing the challenges of regulatory compliance, Sharon emphasized WorldRemit's commitment to adhering to stringent laws across the 52 countries it operates in. With a proactive approach to engaging regulators and obtaining necessary licenses, WorldRemit ensures a smooth and transparent remittance process for its customers. The company's dedication to regulatory compliance underscores its mission to provide a secure and reliable money transfer service. In light of evolving regulations and tax policies impacting the remittance industry, WorldRemit remains vigilant in navigating these dynamic landscapes. From mobile money tax adjustments in countries like Kenya and Uganda to the ongoing issue of de-risking identified by the World Bank, WorldRemit strives to stay ahead of regulatory changes. By collaborating closely with country managers and teams in various African markets, WorldRemit upholds its commitment to operational excellence and customer satisfaction. The partnership between WorldRemit and Safaricom signals a new era of cross-border remittances in Africa, driven by innovation and collaboration. As technology continues to reshape the financial services sector, WorldRemit's digital platform stands at the forefront of empowering individuals and businesses to easily access and transfer funds across borders. With a customer-centric approach and a dedication to compliance, WorldRemit is poised to revolutionize the remittance landscape in Africa and beyond, fostering economic growth and financial inclusion for all.