London-based money remittance firm WorldRemit Wednesday unveiled a new service that allows businesses and employees of foreign firms to receive payment from small and medium-sized enterprises in the UK.
The service dubbed ‘WorldRemit for Business’ also allows UK-registered companies to send money to contractors or staff in 149 other countries including Ghana and South Africa through its app or website.
Previously, the remittance firm only allowed transfers between individuals.
Transfers according to the firm will be processed within 24 hours or less and recipients can opt to have the cash wired to their bank accounts, via mobile money or cash pickup.
This latest option poses stiff competition to banks whose transfers can take up to a week, and are often subject to high fees and exchange rates.
“Today, we are 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,” said WorldRemit, founder and Executive Chairman, Ismail Ahmed.
WorldRemit currently handles 74 percent of remittances to popular mobile money services across Africa such as M-Pesa, Tigo Pesa, MTN, Ecocash, and Airtel Money, making it the global leader in “mobile-to-mobile international money transfers.