WorldRemit’s Fintech is Transforming Lives in Rural Cameroon
By Imane Charioui, Director of Francophone Africa, WorldRemit
DOUALA, Cameroon, 2nd September, 2022,-/African Media Agency (AMA)/- According to government data, approximately one in five Cameroonians live abroad1, from where they regularly send money to their families back home for daily upkeep, education and development.
With the country receiving just over $334 million USD in personal remittances in 2020, the latest year of review by the World Bank2, it is without a doubt that remittances play a vital role in its economy.
Yet even though the Cameroonian diaspora has long been willing to send money home, limitations in withdrawal options, and the slow speed of transfers, were significant deterrents.
It was even more challenging to send money to the rural areas, which is home to 42% of the country’s population.3 Rural recipients were often required to travel many kilometers to nearby cities where they could access banks, the main pick-up points for many remittance services.
Access to remittances changed in 2016 when WorldRemit entered Cameroon, immediately establishing partnerships with existing businesses to rapidly increase its spread across the country.
In addition, WorldRemit supports direct transfers to mobile money wallets, allowing for withdrawals at local mobile money agents, widening the reach of the services across the country.4
But the biggest impact has been on the speed of transactions, where transfers take just minutes to reach the recipient, a far cry from yesteryears, when it took days, sometimes weeks to complete transactions.
With the quickened speeds of WorldRemit’s different transfer options, Cameroonians in over 130 countries5 can quickly respond to emergencies back home, including urgent medical bills and school fees.
The transfer costs on the platform are also among the world’s lowest, and as the company maintains transparency about its charges, recipients always get the exact amount that the sender intended.
It is this impactful presence of WorldRemit in the lives of Cameroonians that has seen it grow exponentially over the last six years.
Indeed, in 2022, a total of £75 million GBP was sent to Cameroon via WorldRemit6, buoyed by the rapid uptake of digital remittance technologies worldwide following the Covid-19 pandemic.
Distributed by African Media Agency (AMA) on behalf of WorldRemit.
Notes to Editors:
- VOANews. Cameroon Woos Potential Diaspora Investors, But Faces Distrust of Government. June 2022
- World Bank. Personal Remittances, Received (Current US$) – Cameroon. 2020
- World Bank. Rural population (% of total population) – Cameroon. 2021
- WorldRemit. Send mobile money transfers to Cameroon. 2022
- WorldRemit. A fast and secure way to send money on the go. 2022
- KBC. Kenya is one of our top 3 markets in Africa, WorldRemit says. June 2022
We’re a leading global payments company and, along with Sendwave, part of Zepz, a group powering two global payments brands.
We disrupted an industry previously dominated by offline legacy players by taking international money transfers online – making them safer, faster and lower-cost. We currently send from 50 countries to recipients in 130 countries, operate in more than 5,000 money transfer corridors worldwide and employ over 1,200 people globally.
On the sending side WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, the company offers a wide range of options including bank deposit, cash collection, mobile airtime top-up and mobile money.
Backed by Accel, TCV and Leapfrog – WorldRemit’s headquarters are in London, United Kingdom with regional offices in the United States, Poland, Canada, Australia, Hong Kong, Singapore, Malaysia, the Philippines, South Africa, Somaliland, Uganda, Kenya, Rwanda, Tanzania, Zimbabwe and Belgium.
WorldRemit Press Office
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Source : African Media Agency (AMA)