Africa’s Leading Payments Solutions Provider Cellulant has partnered with Dubai-based fintech solutions company to enable expatriates to seamlessly pay for bills and recharge airtime for their beneficiaries across Africa. Mobile remittances present a special chance for a large number of individuals to get to the formal monetary framework, bringing monetary administrations and possibilities for income age nearer to their networks. As per estimates, Sub-Saharan African settlements expanded by 16.4% in 2021 however simply by 5.2% in 2022. The typical expense of sending $200 over global lines stayed high in the second quarter of 2022, at 6%.Mobile operators offer the best rates (3.5%), however under 1% of exchanges are made through computerized channels. Settlement administrations are presently much faster and more affordable thanks to computerized advancements.
“Remittances are the single largest source of foreign exchange for many developing economies, and they are stable and resilient in the face of economic downturns. They have been described as developing countries’ most stable, abundant, and secure sources of foreign aid. This partnership reaffirms our commitment to enabling businesses, banks, and consumers to make fast and efficient payments across Africa. By leveraging Cellulant’s presence and partnerships on the continent, Money Q will be able to provide its services throughout Africa” stated Richard Gesimba, Cellulant’s Vice President of Global & Regional Merchants.The KrosPayz digital wallet, which is set to go live first in Malawi this April, will enable customers to pay for national and international utility bill payments, airtime recharge, execute their domestic fund transfers to individuals and companies, and also pay in the local markets for their purchases via QR code.Money Q’s goal is to ensure that no African should be deprived of using the digital channels on the continent. Commenting on the partnership, Mr Amit Shrimali, Money Q’s Founder and CEO stated “I am very excited with this partnership as it helps me to go a step closer to the vision of Money Q which is to make sure that none in the countries, we operate are deprived of using the digital medium to transact. The partnership between MoneyQ & Cellulant will indeed complement one another in growing the market share of both the companies in the African continent.”
