WorldRemit launches new product for business payments to Africa
The new service enables U.K.-based SMEs to quickly pay their employees and contractors in 150 countries worldwide, including Kenya, Ghana, and South Africa.
WorldRemit has launched a business platform that allows African entrepreneurs and contractors in Kenya, Ghana and South Africa that sell goods and services to small and medium-sized enterprises (SMEs) in the U.K. to receive payments faster and more conveniently.
The new service enables U.K.-based SMEs to quickly pay their employees and contractors in 150 countries worldwide, including fast-growing emerging markets such as Kenya, Ghana, and South Africa.
For these African entrepreneurs and contractors doing business with clients in the U.K., the service is expected to lead to significant time and cost savings. Traditional bank payments, which are still the dominant international transfer method for businesses sending money abroad to Africa, can take up to a week, and often incur high fees and exchange rates.
In contrast, WorldRemit’s low fees and exchange rates are shown up-front and customers can send money easily via the app or website. Additionally, transfers to Kenya are processed within 24 hours or less and local entrepreneurs can receive payments via bank account, mobile money or cash pick-up — whichever method is most convenient for them.
Users sending funds to these African countries can easily track their transfers in real-time on the WorldRemit app and opt-in to receive daily exchange notifications to send money at the optimal time.
The new service will first be available to U.K.-registered businesses.
WorldRemit launches new product for business payments to Kenya was originally published in Techloy | African technology news and startup coverage on Medium, where people are continuing the conversation by highlighting and responding to this story.