Global digital payments service WorldRemit on Friday, November 27, launched new prices for international transfers in over 450 of its larger corridors.
The repricing represents the largest ever price drop in terms of number of corridors for WorldRemit.
The move is meant to allow customers to send more to family and friends without worrying about prohibitive charges.
In particular, it is expected to support remittance inflows across Africa from the diaspora.
WorldRemit enables senders in 50 countries to send money via the app or website to recipients in more than 150 countries. It incorporates multiple payout methods including bank deposits, mobile money, mobile airtime top-up and cash pick-up.
A World Bank report released in November projected that remittance inflows to Africa in 2020 would decrease by 8.8 per cent from $48 billion (Ksh5.2 trillion) in 2019 to $44 billion (Ksh4.79 trillion).
The projected drop was informed by the global Covid-19 pandemic and its shocks on economies, as well as international travel restrictions.
WorldRemit Director of Pricing, Sam Talukdar, noted that the repricing was also meant to change Sub-Saharan Africa’s status as the region where it is most expensive to send remittances in the world.
“One of our goals is to accelerate financial inclusion by reducing transaction costs to Sub-Saharan Africa, which remains the most expensive region for remittances.
“In the last 12 months, we have witnessed a strong uptick in new customers using our platform, which in turn has helped to drive down our overall costs. We are committed to making remittances more affordable, so we have shared our savings with our customers, allowing them to send more money for less,” he noted.
WorldRemit Regional Head Sharon Kinyanjui noted that the repricing would help customers manage financial challenges occasioned by the pandemic.
“As a forward-thinking company, WorldRemit continues to seek opportunities and innovative ways to keep people connected around the world while offering them a top-class fast, safe and simple way to send international remittances.
“We believe in helping our customers to access and enjoy the rewards of their hard work and this initiative will ensure they are able to access value even as COVID-19 has financially affected those in both in the diaspora and at home,” she stated.
Customers can access the new prices on the WorldRemit website or using the mobile application available on Google Play and App Store. They will also be able to use the transfer calculator to see just how much they can save.