WorldRemit News

WorldRemit continues its rapid expansion in Cameroon through new partnership with Express Exchange

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WorldRemit News

| 3 minute read

Transactions to Cameroon via WorldRemit have grown by 120% within the last year, largely driven by customers in the United States, Cameroon’s top remittance sender

Yaoundé and London, 26 July 2018: Leading digital money transfer service WorldRemit is consolidating its growth in Cameroon, driven by the expansion of its partnership network.

Transactions to Cameroon via WorldRemit have grown by 120% within the last year, largely driven by the United States which has now overtaken Canada as Cameroon’s top remittance sender. Diaspora in the United States now account for 25% of transactions sent to Cameroon. Other large remittance sending countries to Cameroon include the UK, Germany and France.

WorldRemit’s new partnership with Express Exchange will allow customers living in over 50 countries to send money home instantly to 300 new cash pickup locations across Cameroon, from Douala to Yaoundé and Tibati to Ebolowa. The deal supports WorldRemit’s plan to serve 10 million customers connected to emerging markets by 2020.

To find your nearest pickup location in Cameroon, click here.

Express Exchange is the second largest money transfer institution in Cameroon, with an extensive network of 300 branches across all ten regions of the country.

According to government estimates, approximately five million Cameroonians (21% of the total population) live abroad. Remittances play an important part in Cameroon’s economy, with the country receiving just over $278 million in inbound remittances in 2017 according to  World Bank estimates.

Andrew Stewart, Regional Director of Africa and the Middle East at WorldRemit, comments: “Cameroon is our largest Francophone market in Africa and one of our top eight markets globally. We are delighted to be partnering with Express Exchange, a leading Cameroonian money transfer company, to continue our expansion in the country and provide the Cameroonian diaspora and recipients with access to a wider variety of cash pickup locations.”

Roche TOUMAGA Express Exchange Communication Manager, comments: “In order to meet the growing needs of its valued customers, EXPRESS EXCHANGE has decided to take a global approach and enter into major partnerships to better diversify its products. This is the reasoning behind the recent signing of a partnership with UK-based company, WorldRemit, which is a key player in the international money transfer industry.

“The partnership is the materialisation of Express Exchange's continued desire to increase its service portfolio, as well as the expansion of WorldRemit in the Cameroonian market. This partnership will help us better serve the Cameroonian population.”

Last year WorldRemit became Arsenal FC’s first-ever online money transfer partner in a global sponsorship deal. 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.

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About WorldRemit

WorldRemit was founded in 2010, and serves over 4 million customers. Through our digital services customers can send 90 currencies to 150 countries, across almost 8 thousand corridors. Recipients benefit from one of the widest ranges of money-out options including bank deposit, mobile money, and cash pickup. Our investors include Accel, TCV and Leapfrog. Accel and TCV are long-term investors in well-known brands including AirBnB, Facebook, Spotify and Expedia.

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62 Buckingham Gate, London, SW1E 6AJ, United Kingdom. Company registration number: 07110878
WorldRemit Ltd is Authorised and Regulated by the Financial Conduct Authority (FCA) under the Payment Service Regulations 2017 and Electronic Money Regulations 2011. Registration number: 900891.