Significant growth in money transfers to Tanzania

DAR ES SALAAM, Tanzania – A new record number of unique transactions were recorded in December 2016 in digital money transfers in Tanzania, according to WorldRemit. This is a 150% year on year growth, driven by the rapid expansion of mobile money accounts.

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As a result, digital money transfer service WorldRemit is consolidating its rapid expansion into Tanzania, supporting the growing demand for instant remittances to the country from over 4 million expatriates living abroad.

WorldRemit customers can send money to Tanzania via Mobile Money to Tigo Pesa, Vodacom M-Pesa and Zantel Ezy Pesa Mobile Money accounts, as well as bank deposit and cash pick up. The biggest senders to Tanzania include migrants currently living in the UK, Sweden, Australia, Norway and Canada, amongst others.

With WorldRemit, people in more than 50 countries can send instant, secure transfers to more than 140 destinations. Known as the ‘WhatsApp of money’, WorldRemit makes sending money as easy as sending an instant message.

Remittances play an important role in the economy of Tanzania – in 2015 the country received a total of $390 million according to the WorldBank, almost 10 times the amount received in 2010.

Ismail Ahmed, founder and CEO at WorldRemit, comments: “Our Mobile Money partnerships combined with existing services for bank deposits and cash pick-up will give more choice to Tanzanians, further supporting the transition from costly offline remittances via high street agents, to faster, cheaper and safer online transfer methods.”

WorldRemit customers currently send over 580,000 transfers every month.