Dubai’s Money Q, Cellulant partner to ease money transfer to Africa
Cellulant and Money Q, Dubai based fintech, have partnered to enable expatriates seamlessly pay for bills and recharge airtime for their beneficiaries across Africa.
These customers will be able to make these payments through KrosPayz, Money Q’s Africa-wide digital payments platform that enables online payment for transactions and value-added services at the point of sale.
Mobile remittances present a unique opportunity for millions of people to access the formal financial system, bringing financial services and prospects for revenue generation closer to their communities.
According to estimates, Sub-Saharan African remittances increased by 16.4% in 2021 but only by 5.2% in 2022. The average cost of sending $200 over international borders remained high in the second quarter of 2022, at 6%.
Mobile operators offer the best rates (3.5%), but less than 1% of transactions are made through digital channels. Remittance services are now much quicker and less expensive thanks to digital technologies.
The KrosPayz digital wallet, which is set to go live first in Malawi this April, will enable customers to pay for national and international utility bill payments, airtime recharge, execute their domestic fund transfers to individuals and companies, and also pay in the local markets for their purchases via QR code.
“Remittances are the single largest source of foreign exchange for many developing economies, and they are stable and resilient in the face of economic downturns. They have been described as developing countries’ most stable, abundant, and secure sources of foreign aid. This partnership reaffirms our commitment to enabling businesses, banks, and consumers to make fast and efficient payments across Africa. By leveraging Cellulant’s presence and partnerships on the continent, Money Q will be able to provide its services throughout Africa” stated Richard Gesimba, Cellulant’s Vice President of Global & Regional Merchants
Money Q’s goal is to ensure that no African should be deprived of using the digital channels on the continent. Commenting on the partnership, Mr Amit Shrimali, Money Q’s Founder and CEO stated “I am very excited with this partnership as it helps me to go a step closer to the vision of Money Q which is to make sure that none in the countries, we operate are deprived of using the digital medium to transact. The partnership between MoneyQ & Cellulant will indeed complement one another in growing the market share of both the companies in the African continent.”