Money transfer firm, WorldRemit has announced plans to provide financial services to some 65 percent of Cameroon adults without bank accounts.
To achieve this objective, the company has introduced a series of new features on its app which would make it easier for remittance recipients in several countries, including Cameroon, to manage funds sent from overseas.
The features enable receivers of remittances to create and access a remote WorldRemit account to receive money instantly to their phones in multiple currencies. Also, users can choose to either store their funds in the app or withdraw using the platform’s variety of pay-out options – cash pickup at over 1,500 locations, bank transfer and mobile money transfer.
“Previously, only senders of WorldRemit transfers could select whether their money was received by bank deposit, collection as cash or mobile money transfer. The new service gives receivers with or without a bank account full control over how they manage their remittances,” Andrew Stewart, the company’s Managing Director for Middle East and Africa, explained.
Sending money to other WorldRemit customers living in the same country who have the new app feature is also allowed and customers can request money from friends and family abroad by creating a transfer in the app and sharing the request with their sender through Whatsapp, SMS or email. Senders can approve the request and transfer in seconds.
With a few steps, WorldRemit is moving to take over the financial space in Cameroon. Recently, they partnered with Express Exchange, which allows customers living in over 50 countries to send money home instantly to 300 new cash pickup locations across Cameroon. The deal supports the former’s plan to serve 10 million customers connected to emerging markets by 2020.
But the developments do not only benefit the firm. A statistics by Business in Cameroon reports that in 2017, just 10 percent of the population aged at least 15 had a bank account, thus financial inclusion in the country is relatively low. Hence this move by WorldRemit will be bridging the gap between this population and the economic benefits available to them.