WorldRemit Ltd., has agreed to buy Africa-focused, app-based remittance firm Sendwave.
According to the CEO, WorldRemit, Breon Corcoran, the ongoing pandemic has made digital banking a main stay and has multiplied the usage tremendously.
“What we saw immediately after lockdown orders is a real acceleration toward digital,”
“This is a fast-growing part of the broader payments space and increasingly our businesses will be viewed as more akin to Venmo or Paypal,”
In a statement by the company, the acquisition will enable customers and users to send instant payments to relatives and friends from North Africa to other parts of Africa which includes West and East Africa. The acquisition allows Sendwave to retain its management team, staffs and still operate as an independent company.
The statement also noted that, both companies where able to increase their income by more than 50% % to $280 million in the 12 months ending in June compared with a year earlier, as their customers conducted about $7.5billion in transfers.