![]() The cost of sending money through traditional channels to Africa is one of the most expensive in the world, with an average cost of 9.3 percent. While there are only five bank branches per 100,000 people as of 2019, there are 1.04 billion registered mobile money accounts in Sub-Saharan Africa. “There is nowhere else in the world that moves more money on mobile phones than Sub-Saharan Africa. We wanted to help bring down the cost and speed up the process to boost financial inclusion,” said Julian King, Vice President and General Manager, Xoom. “Sending money to Africa through traditional channels has always been expensive. This new service expands Xoom’s offerings in Africa as the current service already enables money transfers for cash pick-up, direct banks deposits and mobile reloads to 41 countries in Africa. In Ghana, Kenya and Zimbabwe, over 60 percent of adults have mobile money accounts. In 2019, the number of globally registered mobile money accounts surpassed the one billion mark. Financial inclusion is instrumental in lifting the undeserved population out of poverty-and for driving economic growth. Mobile money services are being deployed rapidly across emerging markets as a key tool to further the goal of financial inclusion. This new service expands the company’s offering to send money to mobile wallets in Kenya, Cameroon, Ghana, Madagascar, Malawi, Mozambique, Rwanda, Tanzania, Uganda, Zambia, and Zimbabwe-with plans to include more markets in 2021. ![]() Xoom, PayPal’s money transfer service, announced on 9th December 2020 that the company’s customers in the US, UK, Canada and Europe can now send secure and convenient money transfers directly to mobile wallets in key markets across Africa with a focus on the underbanked segment.
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