WorldRemit enters $4 billion Colombian remittance market

colombia

WorldRemit has announced it has added Colombia to its rapidly growing list of countries receiving remittance.

Money sent by friends and family using WorldRemit can be collected instantly as cash from Bancolombia, Banco BBVA Colombia, Banco Davivienda and Financiera Pagos Internacionales branches. Collecting the cash instantly is the only option at the moment, although WorldRemit will add a feature were customers can deposit funds directly into bank accounts in the near future.

WorldRemit’s Colombia service is the first of a series of launches which are aimed at expanding remittance options for people sending money to Latin America. Colombia alone received $4.1 billion in remittances during 2013.

WorldRemit’s Founder and CEO, Ismail Ahmed said: “People are beginning to see that transferring money abroad doesn’t have to be a complicated or expensive business. WorldRemit customers can send at low cost, anytime, anywhere from their computer, smartphone or tablet.”

“As a business, we are very excited to start serving Colombia and the wider LATAM market. There is a massive opportunity here to show that the UK-led FinTech revolution can deliver genuinely innovative financial products and services that benefit people all around the world.”

WorldRemit has significantly expanded the range of countries where customers can send money to and from as they now offer money, Mobile Money and mobile airtime top-up transfers to more than 110 receiving countries.

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