Xendpay Rolls Out its Mobile Wallet in Tanzania and Burkina Fasso
- Monday, February 29th, 2016
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Online money transfer service Xendpay which operates a ‘pay-what-you-want’ model, where customers decide the fees, is expanding its international reach with the launch of new integrated mobile wallet routes across Tanzania and Burkina Faso.
Customers will be able to remit money through Xendpay’s mobile wallet platform to people in Tanzania in East Africa and Burkina Faso in West Africa, through a series of strategic tie-ups with two of Africa’s biggest fin-tech mobile network operator providers, M-Pesa-Vodafone in Tanzania, and Air Tel Money in Burkina Faso.
Recipients can use the money in their mobile wallet to pay for goods at local shops and businesses which are enabled to accept mobile money payments, and therefore remove the risk of having to carry large sums of cash around with them.
In addition to Xendpay’s activities in Tanzania and Burkina Faso, the company is also adding Nigeria to its portfolio of new currencies to bank accounts in partnership with NGN. Xendpay clients will be able to send Nigerian Naira on a real-time credit basis. Xendpay can receive funds from remitters via a number of methods, including by bank transfer from most EU countries.
Available online and via both iOS and Android apps, Xendpay allows users to send money to bank accounts and mobile wallets in over 180 countries and 48 different currencies around the world. Xendpay estimates that its ‘pay-what-you-want’ business model, could save customers $100m (£60m) million in fees over the course of the next five years. The cost of sending money within Africa is the second most expensive in the world with rates reaching as much as 19 per cent for every $200 remitted, according to a 2015 report from the Global Knowledge Partnership on Migration and Development.