Cellulant has partnered with Money Q, a Dubai-based fintech organization to provide expatriates with the ability to pay bills and recharge airtime for their recipients around the continent. Money Q’s Africa-spanning digital payments platform, KrosPayz, will now enable customers to perform online payments for goods and services at the point of sale.
The KrosPayz digital wallet, which is set to go live first in Malawi this April, will enable customers to pay for national and international utility bill payments, airtime recharge, execute their domestic fund transfers to individuals and companies, and also pay in the local markets for their purchases via QR code.
According to Cellulant, mobile remittances give millions access to the formal financial system, bringing opportunities for revenue growth near their hometowns. In 2021, Sub-Saharan African remittances had a 16.4% increase, but only saw 5.2% growth in 2022. Despite this, the average cost of sending $200 internationally was still holding at 6%, in the second quarter of 2022. Mobile providers offer much better rates (3.5%) through digital channels and are used for less than 1% of these transactions. Digital technology has made remittances faster and cheaper than ever before.
Richard Gesimba, Cellulant’s Vice President of Global & Regional Merchants said, “Remittances are the single largest source of foreign exchange for many developing economies, and they are stable and resilient in the face of economic downturns. They have been described as developing countries’ most stable, abundant, and secure sources of foreign aid. This partnership reaffirms our commitment to enabling businesses, banks, and consumers to make fast and efficient payments across Africa. By leveraging Cellulant’s presence and partnerships on the continent, Money Q will be able to provide its services throughout Africa” stated Richard Gesimba, Cellulant’s Vice President of Global & Regional Merchants.”
Money Q’s goal is to ensure that no African should be deprived of using the digital channels on the continent. Commenting on the partnership, Mr Amit Shrimali, Money Q’s Founder and CEO stated “I am very excited with this partnership as it helps me to go a step closer to the vision of Money Q which is to make sure that none in the countries, we operate are deprived of using the digital medium to transact. The partnership between MoneyQ & Cellulant will indeed complement one another in growing the market share of both the companies in the African continent.”
