Mobile money collaboration set to drive financial inclusion for Africa’s unbanked
Xpress Money, a money transfer brand, has joined forces with Huawei to drive mobile money services to more of the worlds unbanked, especially in Africa.
The partnership will give the globally respected remittance firm access to Huawei’s mobile money service platform, which has over 100 million mobile money accounts globally.
Huawei’s mobile money services platform delivers basic banking transactions in developing countries. The technology is not restricted, and because it works on both smartphones and basic handsets, it has been particularly successful in developing markets.
Recipients of Xpress Money remittances can use the service to make online and offline payments, pay for essential services such as utilities and school fees, as well as financial services like loan applications, insurance and banking.
In 2016 the World Bank reported that two billion people across the globe had no access to formal Financial Services. This has resulted in mobile money fast becoming a safer alternative to cash.
“At Huawei, we want to bring the best remittance services to our network partners and their customers. Africa is a key market in the mobile money industry and it’s imperative we give our customers here access to the best services,” said David Chen, director of marketing and solution sales, Huawei Southern Africa Region.
“For those that have limited access to formal banking services, mobile money is a critical technology. There are over 500 million mobile money accounts currently in use [GSMA 2017], and with Huawei servicing over 100 million of these, we’re confident this collaboration will improve the state of financial services for Africa’s unbanked,” said Sudhesh Giriyan, COO at Xpress Money.
By growing Xpress Money’s mobile money footprint and strengthening Huawei’s international reach, this partnership will help reduce the cost of remittance services and drive financial inclusion for millions of mobile money users in Africa.
Xpress Money has a global presence in more than 165 countries across 200,000 agent locations providing simple, fast and secure money transfer solutions to thousands of customers, every day.
Huawei’s mobile money partners in Africa include Safaricom, Vodafone, Vodacom and Teasy Mobile in ten African countries; these include big markets like Kenya, Ghana, Nigeria and Zimbabwe.
“With Xpress Money’s strong customer base, we’re excited to see how this partnership will benefit our mobile money users across Africa to provide a more convenient and cheaper remittance service,” concluded Chen.