NAIROBI, Kenya/PRNewswire/Knowledge Bylanes -- Nium, an advanced global payments platform, announced today that its clients are now able to send funds to their business partners located in Ghana, Kenya, South Africa and Tanzania, with more countries in the pipeline. Customers of Nium are also able to extend this service to their own consumers. This announcement comes shortly after the news of the company's expansion plans into Africa at the tail end of last year.
Traditionally, businesses, fintechs and even consumers looking to send cross-border payments into Africa encountered long transfer times, multiple intermediaries and eventually higher transaction costs and other inefficiencies. Nium's local partnerships in the four key African markets will provide a more streamlined, convenient, and cost-efficient solution for remitting payments into these countries.
Customers of Nium can now make payments via bank transfers to large financial institutions within these markets. Mobile money wallet payments, which are an increasingly popular and relevant payment method used by both businesses and governments, are also provided as one of the methods in which customers can transfer funds into.
Country Wallets
Kenya Mpesa, Airtel, Telkom
Ghana MTN, Vodacom, Airtel-Tigo
Tanzania MPESA, Airtel, Halotel, Zantel
Nium's money transfer capabilities in Africa will allow clients:
- The ability to send money to Kenya, South Africa, Ghana and Tanzania via bank transfers (same day or next day delivery[1]) and mobile money wallets in real-time
- Access to 14+ mobile money wallets in these countries, including M-Pesa, Airtel, MTN, Vodacom
- Support for remitting funds to over 30 banks in each country and to more than 1000 bank branches as part of the supporting banks network
(Kenya: 41 banks, 87 branches | South Africa: 41 banks, 58 branches | Ghana: 27 banks, 1000+ branches | Tanzania: 37 banks, 600+ branches)
"While much progress has been made to revamp the consumer remittance scene in Africa, more needs to be done to improve the experience of business payments into Africa. With Nium now supporting both bank transfers and mobile money wallet payments into Africa, global businesses can now expect a much smoother, faster and safer transaction experience when making payments to partners, individuals or vendors within the continent, " says Clara Wanjiku Odero, Vice President, Partnerships and Growth, Middle East and Africa, Nium.
All funds transferred into the four countries can be initiated in any of the 40+ source currencies currently offered through Nium's Send service and recipients will receive the payout in their local currency (KES, ZAR, GH₵,TSH).
[1] Dependent on cut-off time for each country. Please refer to https://www.nium.com/network/ for more information.
About Nium
Nium is an advanced global payments platform redefining the way consumers and businesses send, spend and receive funds across borders. Nium is regulated in Australia, Canada, European Union, Hong Kong, India, Indonesia, Japan, Malaysia, Singapore, the United Kingdom and the United States of America, and processes billions of dollars a year for banks and payments institutions, the next generation of e-commerce players, OTAs and retail users across the world. Nium's investors include Visa, BRI Ventures, Vertex Ventures, Vertex Growth, Fullerton Financial Holdings, GSR Ventures, Rocket Internet, Global Founders Capital, SBI Japan, FMO (Netherlands Development Finance Company), MDI Ventures, Beacon Venture Capital and Atinum Investment.
For more information, visit https://www.nium.com/
Clara Wanjiku Odero, Vice President, Partnerships and Growth, Middle East and Africa at Nium is also available for interviews and commentary on the topic. For more information and other details on Nium's latest developments in Africa, please do not hesitate to contact:
Media Contact:
Bianca Jutaru
Bianca.jutaru@nium.com
+44 7426900720
Logo - https://mma.prnewswire.com/media/1326735/Nium_Logo.jpg
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
