Xpress Money, specialising in money transfers, has joined forces with ICT Company Huawei to drive mobile money services to more of the worlds unbanked, especially in Africa.
The partnership will give the remittance firm access to Huawei’s mobile money service platform, which has over 100 million mobile money accounts globally.
Huawei’s mobile money services platform delivers basic banking transactions in developing countries. The technology is not restricted, and because it works on both smartphones and basic handsets, it has been particularly successful in developing markets.
Recipients of Xpress Money remittances can use the service to make online and offline payments, pay for essential services such as utilities and school fees, as well as financial services like loan applications, insurance and banking.
In 2016 the World Bank reported that two billion people across the globe had no access to formal Financial Services. This has resulted in mobile money fast becoming a safer alternative to cash.
By growing Xpress Money’s mobile money footprint and strengthening Huawei’s international reach, this partnership can help reduce the cost of remittance services and drive financial inclusion for millions of mobile money users in Africa.