Six companies making it easier for Africans to send money globally
Sending money in and out of Africa is a stressful task. For starters, it’s costly: Each transaction incurs fees of up to 8.46% on average, according to the World Bank, making it the most expensive region to send money. Internet scams and regulatory bottlenecks present further challenges, leading global fintech companies, including Wise, WorldRemit, and Mercury, to often cut African users off from their services.
But cross-border payments are becoming increasingly critical. Think of the talented African workers in remote jobs, working for overseas companies while remaining on the continent. Or the African companies increasing their sales presence on the global stage. Or, most importantly, remittances: The African Development Bank’s president says the continent’s biggest financier is the African diaspora.
Here are six companies dedicated to tackling this problem and improving the flow of cross-border transactions.
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