WorldRemit saves the Senegalese community living abroad time and money as they do not have to visit a traditional money transfer agent and pay expensive fees to send money home. Instead, using the WorldRemit app or website, they can send funds online 24/7.
The new partnership with Wizall Money enables WorldRemit customers in over 50 countries, including France, Spain and the USA, to send money home instantly to over 60 000 mobile money accounts in Senegal. Recipients can then store their funds, pay for bills or pay for goods in shops directly from their Wizall Money account.
In addition to the new mobile money service, WorldRemit also offers bank transfer, cash pickup and mobile airtime top-up services to Senegal, so customers can choose the pay-out option that suits their receiver best.
Estimates suggest that the Senegalese diaspora community is almost 560,000-people strong, and the money they send home makes a huge difference to the lives of thousands of families. Senegal is estimated to have received almost $2.5bn in remittances in 2019, accounting for 10% of the country’s GDP.
Mamadou Wilane, Business Development Manager for West Africa at WorldRemit, said: “We are delighted to partner with Wizall Money to launch our first mobile money transfer service to Senegal.
“According to the World Bank, nearly 60% of adults in Senegal remain unbanked. Our new service will enable families across urban and rural areas of the country to receive money from abroad straight to their mobile phone, without the need for an internet connection or bank account.”
Ramatoulaye Fall cisse, Sales Director at Wizall Money Senegal, added:
“The partnership with WorldRemit makes it easy for people abroad to send money to their families. They don’t have to wait hours in the agency anymore because the transfer is made instantly in the wallet. The Wizall Money model allows these families to pay their bills, buy credit or withdraw from our large network of agents, all for free.”
For more information on how to send money to Senegal, click here.
WorldRemit has 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 to 150 countries, operate in 6,500 money transfer corridors worldwide and employ over 800 people worldwide.
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, UK with a global presence in the United States, Canada, South Africa, Japan, Singapore, the Philippines, Australia and New Zealand.
Founded in Senegal in 2015 by Sebastien VETTER and Ken KAKENA, Wizall Money, a subsidiary of the Banque Centrale Populaire (BCP), has developed in 4 years a model of rapid growth and innovations in the Mobile Money sector. In response to the growing needs for banking services and access to local financial services, the innovative vision of Wizall Money first seduced the Total Group, leader in the distribution of petroleum products, marked by the acquisition of equity interests in the start-up and an investment of several billion FCFA on the solution in 2015.
Wizall Money then launched a fundraiser with the Banque Centrale Populaire (BCP) group, owner of Banque Atlantique establishments, which in December 2018 became its main shareholder following a majority stake in the capital of the start-up.
Wizall Money has already reached major success in Senegal with 100,000 transfers per month, 60,000 customer accounts, 3 billion CFA monthly in circulation on the platform. After Ivory Coast and Burkina Faso, the deployment of the Wizall Money solution continues in Mali and other countries of West Africa in 2020.