Mobile money services are being deployed rapidly across emerging markets as a key tool to further the goal of financial inclusion. In Ghana, Kenya and Zimbabwe, over 60 per cent of adults have mobile money accounts. Now, Xoom, a PayPal money transfer service, now says that customers in the US, UK, Canada and Europe can now send money directly to mobile wallets in Kenya.
Xoom: PayPal Your Way into Kenya
This new service expands the company’s offering to send money to mobile wallets in different African markets. This includes Kenya, Cameroon, Ghana, Madagascar, Malawi, Mozambique, Rwanda, Tanzania, Uganda, Zambia, and Zimbabwe. All with plans to include more markets in 2021.
“Sending money to Africa through traditional channels is expensive with an average cost of 9.3 per cent. We want to help bring down the cost and speed up the process to boost financial inclusion.” Julian King, Vice President and General Manager, Xoom. “There is nowhere else in the world that moves more money on mobile phones than Sub-Saharan Africa.”
Xoom is helping to bring down the cost of sending money to mobile wallets in select African markets. This will be ranging from 2-4 per cent of the transaction.
The current system of sending money across borders can be full of paperwork, high fees and standing in line. Not to mention an ever-present uncertainty of when, and if, the money will arrive.
According to Xoom, they aim to provide fast and secure payment options for customers. This will let them seamlessly send money across borders by going online or using a mobile device. They both want to expand and improve the financial health of millions of people worldwide.