Transfast, a little known provider of online, cross-border p2p payments solutions, has announced the launch of its proprietary bank deposit network into 23 African nations – the most extensive of its kind on the continent.
Transfast’s bank deposit network enables people in the US and Canada, and soon from
the UK and EU, to send money online or via mobile, directly into recipients’ bank accounts at nearly 600 banks or to 6,000 cash pick-up locations inside banks in Africa.
Transfast’s African bank deposit network will cover up to 90% of adult bank account holders in the 23 nations it serves. Customers will be able to send money via mobile, online or even in person to recipients of funds transfers.
Direct deposits are currently available at banks in Nigeria, Kenya, Ghana, Gambia, Ivory Coast, Senegal, Ethiopia and Mali, and another 17 countries will be deployed this summer, including Benin, Bissau, Burkina Faso, Cameroon, Cape Verde, Chad, Comoros, Congo, Egypt, Guinea, Guinea Mauritania, Morocco Niger, Sierra Leone and Togo.
“Our direct to bank initiatives further the financial inclusion goals of governments in Africa,” says Samish Kumar, CEO. “As banking penetration grows in Africa, our bank product capability is the most efficient and cost-effective way to receive funds. For unbanked recipients, the ability to pick up cash at a bank provides a positive experience in a bank environment and is a first step toward becoming banked.”
According to the World Bank, direct bank deposits and electronic payments play an important role in building financial inclusion by further engaging account holders in the banking system. Studies show that when people participate in the financial system, they are better able to start saving, expand businesses, invest in education, manage risk and absorb financial shocks. Access to accounts and to savings and payment mechanisms increases savings, empowers women, and boosts productive investment and consumption.
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