WorldRemit, a global money transfer service, has partnered with Net 1 Technologies' Zazoo to offer a low-cost and instant bank solution in SA.
According to WorldRemit, South Africans living abroad will be able to send money home instantly and avoid excessive costs associated with international money transfers.
"For many South Africans, sending money home used to come at a substantial cost - excessive fees, queuing in line at high-street transfer agents, and waiting for days for a transfer to arrive," says Richard Meseko, country director of Canada operations, who is responsible for expanding WorldRemit's business across Africa.
He adds: "WorldRemit was built to modernise the payments industry and offer the best possible experience to anyone sending money home. Today, WorldRemit's partnership with Zazoo means we can bring instant, low-cost bank deposits to our service in South Africa."
According to the Remittance Prices Worldwide report published by the World Bank, South Africans receive inbound remittances of more than $1 billion per year.
The average global price of remittances is 7.68% of the transaction value, with sub-Saharan Africa listed as the most expensive region in the world, at 9.74%.
Zazoo says it will enable WorldRemit to offer its service in SA by using technology developed and customised by its enterprise payments business unit, FIHRST. FIHRST's technology streamlines the relationship between the payer and payee, and ensures data integrity using sophisticated encryption routines with secure dedicated lines to SA's major banks.
"At Zazoo, we are always ready to engage with new partners who share our vision for using technology to make payments quicker, safer and more accessible and reliable," says Philip Belamant, MD of Zazoo.
"We rose to the challenge, adapting FIHRST's technology to meet our clients' needs, in turn making it easier for WorldRemit's customers to receive money, which is often the lifeblood of families living far away from the main breadwinner," says Belamant.
London-headquartered WorldRemit lets people send money to friends and family using a smartphone, tablet or computer, anytime, anywhere. WorldRemit is already available for people in 52 countries, sending money to more than 125 destinations around the world.
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