WorldRemit launches remittance services in Somalia

Source: IBS Intelligence 2020-07-01

Ahmed Tani, Country Manager Somalia, WorldRemit

WorldRemit, the global online money transfer service provider, has announced the launch of its remittance services in Somalia.

According to the World Bank, every year an estimated $1.4 B in remittances is sent to Somalia by approx. 2 M Somalis in the diaspora. The remittances contribute to 23% of Somalia’s GDP which is a vital lifeline for many Somalis who rely on it to get food, shelter, pay for education, health services, and sustain their small businesses. Previously, Somalis relied on bricks and mortar money transfer agent, but their operation is now limited due to the COVID-19 pandemic.

WorldRemit is offering a digital service that removes the middleman and allows Somalis living in the United States to send money home 24/7 swiftly and securely at their convenience. Customers in Somalia can receive remittances via WorldRemit from friends and family anywhere across the U.S. via Cash Pick Up without the usual mandatory need for a smartphone.

WorldRemit operates in over 50 send countries to over 150 receive countries and is now is establishing its operational presence in Somalia. The company’s app helps to transfer money on the go and in tracking the transaction.

“We are happy to be able to provide this great opportunity for Somalis in the United States to now remit home with ease. We have partnered with Dahabshiil, the largest Cash Pay Out network in Somalia, which has more than 200 locations. We will also soon be launching a Mobile Money service. This launch will kick start the transition from offline remittances to online, where Somalis will have access to safer, faster and low-cost money transfer methods,” said Ahmed Tani, Country Manager Somalia, WorldRemit.

Recently, WorldRemit and Mukuru joined forces to fortify remittance in Zimbabwe.

Established since 2010, London based WorldRemit is a leading FinTech providing international money transfer services. The company has a global presence in the United States, Canada, South Africa, Japan, Singapore, the Philippines, Australia and New Zealand. The company is backed by Accel, TCV and Leapfrog.

WorldRemit

WorldRemit launches remittance services in Somalia

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