A start-up mobile money transfer service is saying it will revolutionise how the African Diaspora sends money to family and loved ones back in Africa. Afrocoin Mobile Money is developing an e-money payment system that will be deployed in Zimbabwe in partnership with Allied Bank Zimbabwe.
In South Africa, Afrocoin is working in partnership with Sikhona FX Financial to deploy a regional mobile money remittance service and mobile payments network. In Kenya and Uganda Afrocoin Mobile Money customers will have their money remittances delivered instantly through M-Pesa mobile phone accounts.
Bongi Mlambo, President of Afrocoin Mobile Money, says, “Current money remittance service operators are not doing enough to improve distribution channel efficiencies, lower fees or provide greater access to Africa’s unbanked or underbanked communities. As a result Africa still has some of the highest money remittance fees in the global market, seriously disadvantaging the pursuit of a better quality of life for many African communities dependent on money remittances. We have come from the frustrating position of taking time off work to stand in long queues at the money transfer shop; risking being turned away if one misses the shop’s inconvenient business hours; completing long paper forms with almost illegible small printed words, and then being charged exorbitant fees for a service that requires your beneficiary in Africa to travel long distances to the city agent to collect cash.”
He continues, “This current state of affairs was one of the main factors that motivated us to do something about the situation, and start Afrocoin Mobile Money, with the objective of providing a secure, fast, convenient and low priced online money remittance service fully geared for today’s 24/7 mobile world. Customers are able to send money quickly through our website or on the go via our Mobile App”.