International money transfer company WorldRemit signed a deal with Wizall Money to make payments directly into the mobile wallets of customers in Senegal.
The deal is the cash transfer company’s first targeting mobile money services in Senegal, where it estimates remittances contributed 10 per cent to the country’s GDP, around $2.5 billion, in 2019.
Wizall Money is one of several mobile money providers in the country and is run by a subsidiary of Banque Centrale Populaire. Company figures show the service has more than 60,000 users and processes an average of XAF3 billion ($5 million) per month.
WorldRemit business development manager for West Africa Mamadou Wilane said: “According to the World Bank, nearly 60 per cent of adults in Senegal remain unbanked. Our new service will enable families across urban and rural areas of the country to receive money from abroad straight to their mobile phone.”
The deal is the latest by a major remittance provider to increase access to mobile money services in Africa and comes a week after rival Western Union signed a multi-market agreement with Bharti Airtel to gain access to its Africa mobile wallet services.