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Paypal Remittal Services Xoom, Partners with MFS Africa to enable Money Transfer across Africa

Tech Gist Africa by Tech Gist Africa
12/13/2020
in Africa News, Business, News, The Big 5
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Digital payment Money Transfer -tech news africa

Digital payment Money Transfer -tech news africa

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Expansion plans have been announced by Paypal Remittal Services Xoom, in partnership with South Africa-based fintech, MFS Africa, to enable money transfer from the US, UK, Canada, and Europe to six countries in Africa.

The launch is set to begin in Tanzania, Mozambique, Zambia, Cameroon, Ghana, Kenya, Madagascar, Malawi, Rwanda, Uganda, and Zimbabwe, with further expansion plans underway in other African countries.

Financial inclusion is the primary goal of this initiative and is instrumental in lifting the undeserved population out of poverty—and for driving economic growth by also significantly reducing the cost of international remittances.

According to Julian King, Vice President and General Manager, Xoom, “Sending money to Africa through traditional channels has always been expensive.

We wanted to help bring down the cost and speed up the process to boost financial inclusion.”

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