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.”