SOUTH AFRICA – Cassava Fintech, a Pan-African technology company and member of the Econet Group has launched a cross border money transfer service from South Africa to the rest of Africa.
According to Cassava Fintech International Group chief executive officer, Mr Darlington Mandivenga, the company is providing access to over 200 million mobile money wallets and 100 million bank accounts across Africa.
The services will also provide last mile access for remittances from South Africa, EU and the UK.
Mandivenga said the mobile app will act like EcoCash, where one will receive money direct into their EcoCash FCA wallet and can cash out at any Econet Shop.
“Cassava Fintech provides unparalleled access to over 200 million mobile money wallets and 100 million bank accounts across Africa, which provide last mile access for remittances from South Africa, EU and the UK,” said Mandivenga.
“The Cassava Group also offers international remittance services to all African countries under the brand name Cassava Remit Limited in the UK.”
Cassava is a leading fintech company specializing in integrated digital transactions ecosystem including Mobile Money, Digital Banking, Payment Services, Social Payments and International Remittances.
It drives financial inclusion in African markets through services such as the Cassava Home Wallet and the Breadwinner services which offer remitting customer benefits.
The Home Wallet service enables customers to open mobile money wallets in their countries of origin and send money into these wallets from anywhere in the world.
The Breadwinner service is on the other hand, death benefit cover that pays out benefits to a customer’s designated beneficiary in their country of origin should the customer pass away.
“We believe that we have an unmatched end to end cross border money transfer service for this massive market,” said Mutsa Sibanda, COO for Cassava Fintech South Africa.
“Our strategy includes pervasive distribution through strong local partnerships both locally and in the receiving markets.
In South Africa we have partnered with a leading national retailer with over 1,500 outlets and merchant aggregators who have a combined footprint of more than 160,000 formal and informal outlets that include spaza shops.”
According to her, Fintech South Africa has an aggressive expansion plan and have identified an initial ten key countries which will be rolled out over the next six months.
Cassava Fintech provides unparalleled access to over 200 million mobile money wallets and 100 million bank accounts across Africa which provide last mile access for remittances from South Africa, EU and the UK.
World Bank’s Migration and Development Brief reveals that global remittances are estimated to have reached US$700 billion in 2018 and remittances to sub-Saharan Africa reached US$45 billion, with more than 200 million Africans living outside their home countries.