Minit Money launches South Africa to Zambia money transfer
South African blockchain remittance app Minit Money has opened its first Southern Africa remittance corridor, enabling Zambians living in South Africa to send money home. Launched in 2019, Minit Money provides money transfers at affordable rates and is available free to download from all the app stores.
The launch of its South Africa-to-Zambia corridor is set to create significant savings for users, improve sending speeds, and provide a seamless user experience for Zambians living in South Africa.
“We’re delighted to announce the launch of Minit Money’s ability to serve the Zambian diaspora community in South Africa. We have experienced significant growth in our existing corridors of Ghana, Nigeria, Uganda, Cameroon, Senegal, Benin, Ivory Coast, and Kenya, and the Zambia launch marks our first foray into the Southern Africa region,” said Minit Money co-founder and CEO Angus Brown.
Key Takeaways
The World Bank's estimations suggest that intra-African remittances have the potential to reach approximately $14 billion annually. Specifically within Sub-Saharan Africa, South Africa, Côte d'Ivoire, Sudan, and Uganda stood out as the leading sources of remittances in the region, collectively sending out a total of $2.5 billion in 2019. Regarding the means through which remittances are channeled, the prevailing methods within the region are commercial banks and money transfer organizations (MTOs). However, the utilization of purely digital platforms is gaining traction as providers of remittance channels form partnerships to offer a seamless transfer of funds directly from the sender to the recipient via their personal devices. It's important to note that remittance flows within the region have not entirely transitioned to a fully digital format. As technology advances, various entities have endeavored to enhance or reimagine the remittance process.
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