Digital remittance service completes series of strategic deals with Cameroon partners
Leading remittance service WorldRemit is set to accelerate adoption of digital money transfers to Cameroon, after completing a series of strategic deals with local partners.
WorldRemit’s new partnerships with MTN Mobile Money, Express Union and Banque Atlantique ensure that people in Cameroon can choose to receive remittances in a way that suits them – turbocharging Mobile Money transfers and adding nearly 700 cash pick-up locations throughout the country.
With the WorldRemit app or website, people all over the globe can now send money instantly and securely to their friends and relatives in Cameroon, to be collected in one of three ways:
· Mobile Money – WorldRemit customers can send instant overseas money transfers to any MTN Mobile Money account. There are currently over 2.6 million registered MTN Mobile Money accounts in Cameroon
· Cash pickup – WorldRemit transfers can be collected at hundreds of Express Union locations throughout Cameroon or at any branch of Banque Atlantique.
· Bank transfer – Funds can be sent directly to any Cameroon bank account.
WorldRemit sees high growth potential in remittances to Mobile Money accounts. With only 12% of adults in Cameroon holding bank accounts, Mobile Money provides a way for people to instantly receive a remittance using just a phone.
WorldRemit sends more money transfers to Mobile Money accounts than any other provider and is currently connected to 34 Mobile Money services in 26 countries. Over half of WorldRemit’s money transfers to Africa are now received on Mobile Money accounts.
Remittances play an important role in Cameroon’s economy – Cameroon received $244m in remittances in 2015 according to the World Bank, more than double the amount in 2010.
Catherine Wines, co-founder and Executive Director at WorldRemit, comments: “We see the diaspora of Cameroon as leading the way in adoption of digital money transfers. Sending money through our app becomes as easy as sending an instant message – no more waiting in line at expensive money transfer agents. Our partnerships with trusted brands like MTN Mobile Money, Express Union and Banque Atlantique offer unrivaled local expertise and more payout options to the benefit of consumers.”