Digital money transfer service WorldRemit and global money transfer brand Xpress Money collaborated to open up new remittance routes across Africa and Asia, according to a press statement on Monday.
The statement said that Egypt will be one of the first countries to benefit from the partnership. Other countries in the initial rollout will include Algeria, Ethiopia, Fiji, Lebanon, Pakistan, Sri Lanka, and Tonga.
The statement noted that through Xpress Money’s agent partner network, WorldRemit’s customers will be able to make secure, instant money transfers to be collected as cash. Over the next few months, customers will also be able to receive money transfers in their bank accounts, and mobile wallets, among others.
Through the WorldRemit app and website, customers send more than 500,000 transfers every month to more than 125 destinations. WorldRemit, known as the “WhatsApp of money”, makes sending a remittance as easy as sending an instant message, according to the statement.
Egypt is one of the 10 largest remittance-receiving countries globally and is the MENA region’s biggest receiver of remittances.
Xpress Money’s 300 plus outlets across Egypt will extend WorldRemit’s reach in the country, helping consumers benefit from easy cash disbursements at conveniently located branches.
Founder and CEO at WorldRemit Ismail Ahmed said his company seeks to offer customers the widest and most convenient choice of payout options.
“Our partnership will extend our footprint into new territories and will enable even more people to make secure, instant money transfers”, Ahmed added.
COO at Xpress Money Sudhesh Giriyan said the remittance industry is at a juncture where it is necessary for brands to collaborate for the sake of the industry at large, noting that he hopes other brands follow suit.