WorldRemit targets migrant market with US mobile money move
Digital money transfer service WorldRemit is now available in the US and it is targeting the nation’s migrant market with its mobile money services.
The firm wants to tap into the $135 billion US remittance market (the global market is $600 billion) – and says mobile money lets people in emerging market economies send and receive money using their cell phones – without the need for a bank account, 3G connectivity or WiFi.
Ismail Ahmed, founder and CEO of WorldRemit, says: “A Filipino nurse in San Francisco or a Kenyan taxi driver in Miami can now send money back home instantly – supporting the transition from costly offline remittances sent from bricks-and-mortar agents to faster, safer and lower cost online transfer methods.”
WorldRemit also states that collectively, US migrants send almost double the amount the US government spends on international development, so remittances “represent a powerful and direct force for overseas development”.
Also today (15 May), WorldRemit announced its partnership with JMMB Money Transfer to offer bank transfers and deposits to Jamaica.
WorldRemit’s customers can now send money to all bank accounts in the country via JMMB Money Transfer, using the WorldRemit app or website. Funds can be accessed on the same day for transactions completed by 3pm and within 24 hours for all other transactions.
According to the firm, a firm lover of stats, nearly one million Jamaicans currently live abroad – with over 700,000 in the US and 130,000 in Canada. As a result, remittances play a “vital role in the Caribbean nation’s economy” – the country received almost $2.4 billion in remittances in 2015, according to the World Bank.
Globally, WorldRemit says its customers send 600,000 transfers every month to over 140 destinations.