WorldRemit Launches New Product Linking UK Businesses to Africa
An online money transfer service, WorldRemit has launched a new product that will allow Kenyan entrepreneurs and contractors selling goods and services to small and medium-sized enterprises (SMEs) in the UK to make payments faster and more conveniently.
The new service, dubbed ‘WorldRemit for Business’ enables SMEs to quickly pay their employees and contractors in 150 countries worldwide, including fast-growing emerging markets such as Kenya, Ghana, and South Africa. The new service will first be available to UK-registered businesses.
For Kenyan entrepreneurs and contractors doing business with clients in the U.K., this service will lead to significant time and cost savings.
Traditional bank payments, which are still the dominant international transfer method for businesses sending money abroad to Kenya, can take up to a week, and often incur high fees and exchange rates.
In contrast, WorldRemit’s low fees and exchange rates are shown up-front and customers can send money easily via the app or website.
Additionally, transfers to Kenya are processed within 24 hours or less and local entrepreneurs can receive payments via bank account, mobile money or cash pick-up; whichever method is most convenient for them. Users sending funds to Kenya can easily track their transfers in real-time on the WorldRemit app and opt-in to receive daily exchange notifications to send money at the optimal time.
The UK is one of Kenya’s most important trading partners, with Kenya mainly exporting tea, coffee and horticultural products. However, with the advent of digital technologies such as e-commerce, smaller entrepreneurs have been able to capture a growing share of UK-Kenya trade, especially in the service sector. WorldRemit for Business will enable this new class of digital savvy Kenyan entrepreneurs to get paid quickly and securely.
Founder and Executive Chairman at WorldRemit, Ismail Ahmed, while commenting on this development said, “When I first started WorldRemit, I was frustrated with the high charges and long delays in sending money abroad both as a business owner and consumer. Over the past 9 years, we’ve made it easier for 4 million people around the globe to send and receive money.”
“Today, we’re pleased to extend that service offering to businesses, and put an end to the steep fees that many pay, especially when sending to Kenya. We’re committed to making it quick, safe and easy for you to pay individuals across borders, leaving you to focus on growing your own business,” he added.
Company’s Senior Product Manager for Business, Shane Lennox said “With more people moving and settling across borders, the nature of business is becoming increasingly global.”
“This new product offering is catering for those in need of a digital service that solves a number of pain points faced by SMEs with international staff and contractors. This new product launch will enable millions of SMEs to benefit from our award-winning convenient service,” he concluded.