Express Union and WorldRemit Launch International Mobile Money Service to Cameroon
Cameroonians living in over 50 countries can now make international money transfers to 4 million Express Union mobile money users directly from their phones
Using the WorldRemit app or website, the Cameroonian diaspora living in over 50 countries can now send instant low-cost money transfers directly from their phones at any time. Recipients can then save or spend their funds from their mobile money wallet.
WorldRemit’s mobile-first, digital model saves customers time and money as they don’t need to visit a money transfer agent to send funds home to their loved ones.
Remittances play an important role in Cameroon’s economy. The country received $278 million in remittances in 2017, according to the World Bank. With an unbanked population of more than 50%, the growth of mobile money is helping to increase financial inclusion.
According to an IMF report, access to mobile money increased from 8% to 29% of the adult population of Cameroon between 2012 and 2017. The volume of transactions increased from 7.5 billion to 3,447 billion CFA francs.
Transactions to Cameroon via WorldRemit are increasing by 100% YoY. Top senders to Cameroon include the United States, Canada and the United Kingdom.
Click here for more information on sending mobile money transfers to Cameroon.
EXPRESS UNION is a financial services company specializing in savings, investment products and money transfers. It is the first money transfer company in Cameroon and operates throughout the CEMAC region.
The mobile money service with WorldRemit will be extended to Congo Brazzaville, Gabon, Chad and the Central African Republic by 2019.
Andrew Stewart, Managing Director of WorldRemit for Africa and the Middle East comments: "We have been working closely with Express Union since 2016, to provide our convenient cash pickup service to the Cameroonian diaspora and their recipients. With the addition of the mobile money service, our partnership will further support financial inclusion, allowing Cameroonians to receive money directly into their mobile wallets, without the need for a bank account."
Chares NGHOGUO, General Manager at Express Union, adds: "The digitisation of international money transfers by WorldRemit is highly valued by the African diaspora, especially in Central Africa where Express Union has 6 subsidiaries connected to WorldRemit for its cash pickup service.
“In Cameroon, the Express Union mobile money service offers WorldRemit customers several advantages. Beneficiaries can spend their money straight away as it is paid directly into their account. They also benefit from services to finance projects and can pay some bills directly from their phones. Their money is available 24 hours a day, 7 days a week and can be withdrawn at any of the 600 Express Union outlets and over 1500 authorized distribution points across Cameroon.”
WorldRemit customers complete one million transfers every month from over 50 countries to over 145 destinations. More than half of its transfers go to Africa.