Niger and 19 other African countries are to benefit from a collaboration between international money transfer system, Tempo France and US-based financial service company, Nairagram, to strengthen remittances between Europe and Africa.
The international money transfer system, Tempo France and the US-based financial service company, Nairagram came together to launch remittances from the EU to 20 countries in Africa.
The completion of the integration project enables the clients to send money from EU countries through Tempo’s application to Uganda and Mozambique, Zambia and Senegal, Ivory Coast and Guinea, as well as Cameroon and Burkina Faso.
The list of countries covers a wide geography of the continent and also includes Liberia, Zimbabwe, Niger, Mali, Sierra Leone, as well as Togo, Mauritania, Kenya, Tanzania, Gambia, Rwanda and Benin. The receivers can pick up cash in 17 countries. The option of topping up your mobile wallet is available in 10 countries. The recipients can enjoy the bank account deposit option in Rwanda.
“Given the number of countries covered as well as the growing demand for remittances to Africa, the project features great meaning to the international money transfer market,” said Alla Zhedik, CEO of Tempo,.
“The money transfer corridor from Europe to Africa has been one of the most dynamic developments in global remittances. We attribute the growth to the increasing number of migrants coming from Africa to Europe. They make money in the EU and need reliable, safe and efficient possibilities to send it back home to their loved ones. ”
Zhedik said that the African corridor has been demonstrating steady growth for the last decade. “The African countries are mostly [remittance] acceptors. Our analysis shows that the growth rate varies from country to country but still an average [growth] rate falls in the range between 10 to 20% per annum.
As the number of African people coming to Europe is on the rise, we expect the remittance volume to increase by at least 15% every year, with the demand continuing to grow.” She especially highlighted the humanitarian role remittances play in Africa.
“We have to remember about the families whose income comes from money transfers. The remittances play an important role in the economic life of the continent. That is why, before the introduction of the service here, we made sure that the remittances are simple, fast, safe and are at the lowest possible cost.”
Zhedik of Tempo said also that Africa will be one of the prioritized trajectories in the company’s business development. She added that recently, Tempo France successfully completed projects in Asia and Eastern Europe.
