November 26, 2024, Singapore – Tranglo, a leading cross-border payment hub, has expanded its footprint in Africa, now supporting payouts in Ethiopia, Kenya, Liberia, Madagascar, Mali, Senegal, and Zambia.
This strategic expansion aims to boost financial inclusion by providing efficient, affordable cross-border payment solutions to one of the world’s fastest-growing economic regions.
Remittances are vital in supporting households, small businesses, and local economies across Africa. In 2023, remittances accounted for nearly 1.5 times the size of foreign direct investment. In many countries, including Liberia, these funds help address food insecurity, drought, supply chain disruptions, floods, and debt servicing challenges. According to World Bank data, remittance flows to Sub-Saharan Africa reached USD 54 billion in 2023, with a projected increase of 1.5% in 2024.
High remittance fees have historically hindered financial inclusion in the region. Tranglo tackles this with its efficient and cost-efficient solutions, making cross-border payments simpler and more affordable. Sub-Saharan Africa remains the region with the highest remittances globally, averaging 7.9% to send USD 200. By expanding its payout network to seven countries, Tranglo aims to bridge the gap in financial access, especially in areas with limited traditional banking infrastructure, offering greater financial access to underserved populations.
At launch, individuals in Ethiopia, Kenya, Liberia, Madagascar, Senegal and Zambia can send and receive funds in their local currencies via e-wallets, while Mali supports bank transfers. Receipts are able to receive money almost instantly. Additionally, the e-wallet option is now available in Morocco.
Tranglo Group CEO Jacky Lee said: “Africa’s dynamic growth in remittances and mobile adoption highlights the need for reliable and affordable cross-border payments.
“With this expansion, Tranglo partners can now provide payout services to millions of unbanked or underserved individuals across these countries, facilitating secure access to funds for essential needs and economic growth.”
Tranglo helps financial institutions and businesses pay through Tranglo Connect, its proprietary cross-border payments solution. Tranglo seamlessly integrates payout and partner services, unifying the end-to-end process with direct API access. With Tranglo Connect, companies can reliably and securely make payments to over 100 countries.
About Tranglo
Tranglo is a cross-border payment hub with a proven track record in business payment, foreign remittances and mobile payment solutions. Founded in 2008, we have offices in Kuala Lumpur, Singapore, Jakarta, and London. Our global network spans 100+ countries, 250+ mobile operators, 1,500+ banks/wallets and 60 cash pickup services with thousands of touchpoints. Tranglo is a proud partner of Ripple, the leading enterprise blockchain solutions for global payments. We offer enhanced cross-border payout services with even broader coverage through Ripple Payments. For more information, visit www.tranglo.com or connect via LinkedIn, Twitter or Facebook.