Mobile money remittances in Africa to reach $33 billion

MOBILE money remittances in sub-Saharan Africa are projected to reach $33 billion in 2015 as the services are growing above 6% in more than three countries with increasing mobile connectivity, WorldRemit has said.

BY PAIDAMOYO MUZULU

WorldRemit is a United Kingdom-based online service company that lets people send money to friends and family in other countries.

Many mobile phone companies in Africa have in the last couple of years entered the financial services sector through launch of mobile money transfer companies — notably Mpesa in Kenya and Ecocash in Zimbabwe.

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