Xpress Money customers will now be able to transfer money directly into the mobile wallets of registered MTN Mobile Money users in Ghana.
For now, the service will go live in several Gulf countries, as well as Jordan, Australia, the UK, USA, Canada, Belgium, Denmark, Germany, Malta, Nigeria and Italy. Xpress Money hopes the Ghana transfer service to allow customers in other countries in its network to send funds by the end of the year.
The global money transfer operator launched a similar service in Kenya in 2014, in association with m-Pesa.
Users will be able to send $1500 in a month and up to $500 per transaction. Beneficiaries in Ghana must be registered with MTN Mobile Money service.
“There are over 1.75 billion smart phone users in the world today and a recent transparency market research stated that the global increase in smartphone penetration will boost the value of the mobile wallet market to USD 1,602.4 billion by 2018,” said Xpress Money COO Sudhesh Giriyan. “With service offerings such as these, we are ready to tap into the tremendous potential of the mobile wallet segment for remittances.”
MTN Mobile Money was launched in Ghana in July 2009 in partnership with 10 banks. Funds in the MTN Mobile Wallet can be used to transfer money, top up MTN airtime, pay for bills, airline tickets, insurance premiums and other goods and services.
Whitepapers
Related reading
Travel industry must keep up with consumers’ payments demands
Payments providers must keep up with the fast-paced change of consumer demands in the travel sector, according to Kevin White, Mastercard’s director ... read more
Nissan joins in-car payments race
Payments services providers and fintechs have unleashed a flurry of collaborative innovations over the course of the past decade in order to ... read more
Ripple courting banks, paytech and big fintech to beat Swift to emerging markets
Midway into 2019, Ripple is broadening its clientbase in order to boost growth and capture emerging market volumes, according to Marcus Treacher, ... read more
5 ways blockchain can change the cross-border payments landscape
Cross-border payments is a changing sector of the industry, driven by customers demanding little to no friction and encountering multiple steps, intermediaries ... read more
