WorldRemit sees huge growth in remittances to the Philippines
Leading digital money transfer service hits 160,000 unique transactions a month
Manila and London, 2 November 2017: Leading digital money transfer company WorldRemit is consolidating its growth in the Philippines, driven by the rapid expansion of its correspondent network.
The Philippines is WorldRemit’s largest receive market globally, with the Filipino diaspora completing over 4.5 million money transfers since the company started operations in 2011 - and most recently achieving a record 160,000 transactions to the Philippines in September.
This rapid growth sees WorldRemit increase its network with new additional partners, the Bank of Commerce and CIS Bayad Centre. This expansion provides the Filipinos with a wider choice of cash pick up locations across the country.
Currently, Filipinos living and working in over 50 countries can use WorldRemit to send remittances as easily as sending an instant message, using the app or website. With recipients able to collect money from partners such as Cebuana, M.Lhuillier and BDO.
There are over 2.4 million Filipinos working abroad. Top migration destinations include the United States, Canada and Australia. According to The World Bank almost $30 billion was received in overseas remittances in 2015, making up roughly 10% of the country’s annual GDP.
Ismail Ahmed, founder and CEO at WorldRemit, comments:“Our continuous expansion in the Philippines demonstrates WorldRemit’s commitment to improving the service we offer to members of the Filipino diaspora. Our online transfers are faster, safer and lower-cost than traditional bricks and mortar agents.”
“A Filipino nurse in London or New York can make secure, instant money transfers directly to loved ones back home, through the WorldRemit app or website.”
In June, WorldRemit announced a global integration with Google’s Android Pay, followed by a partnership with Huawei’s mobile money platform across Africa. WorldRemit customers now complete 750,000 transfers every month from over 50 send countries to more than 148 receiving destinations.
Visit WorldRemit for more information on how to send money to the Philippines.