Transfast, the provider of online, cross-border p2p payments solutions, has expanded its proprietary bank network into 23 African nations. People in the U.S. and Canada, and soon from the U.K. and EU, will be able to send money online or via mobile, directly into recipients’ bank accounts at nearly 600 banks or to 6,000 cash pick-up locations inside banks in Africa.
Transfast’s African banking network will cover up to 90 percent of adult bank account holders in the 23 nations it serves. Transfast customers will be able to send money via mobile, online or even in person to recipients of funds transfers.
“For unbanked recipients, the ability to pick up cash at a bank provides a positive experience in a bank environment and is a first step toward becoming banked,” said Samish Kumar, CEO of Transfast.
Senders pay the same flat fee and receive locked-in rates to send to all eight African nations currently online. Bank deposits arrive within a day, and sometimes instantly. Cash is delivered in minutes.
Direct deposits are currently available at banks in Nigeria, Kenya, Ghana, Gambia, Ivory Coast, Senegal, Ethiopia and Mali, and another 17 countries will be deployed this summer, including Benin, Bissau, Burkina Faso, Cameroon, Cape Verde, Chad, Comoros, Congo, Egypt, Guinea, Guinea Mauritania, Morocco Niger, Sierra Leone and Togo.
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