Tranglo, a prominent cross-border payment hub, has made significant strides in fostering financial inclusion across Africa by extending its services to Ethiopia, Kenya, Liberia, Madagascar, Mali, Senegal, and Zambia. This expansion reflects Tranglo’s commitment to providing efficient and cost-effective payment solutions to underserved populations in one of the world’s fastest-growing economic regions.
Founded in 2008, Tranglo operates in over 100 countries with a network encompassing more than 250 mobile operators, 1,500 banks and wallets, and 60 cash pickup services. It has offices in offices in Kuala Lumpur, Singapore, Jakarta, and London. Its collaboration with Ripple, a blockchain-based payment solution provider, further enhances its service delivery.
Addressing Financial Challenges in Africa
Remittances play a crucial role in Africa, often surpassing foreign direct investment in economic impact. In 2023, remittance flows to Sub-Saharan Africa reached $54 billion, with a projected increase of 1.5% in 2024, according to the World Bank. These funds are essential for combating challenges such as food insecurity, supply chain disruptions, and debt servicing, particularly in countries like Liberia.
Historically, high remittance fees—averaging 7.9% to send $200—have limited financial inclusion in the region. Tranglo’s solutions address this barrier by making cross-border payments more accessible and affordable, reducing costs for users and enhancing financial accessibility, particularly in areas lacking robust banking infrastructure.
Innovative Payment Solutions
Tranglo’s newly expanded services enable individuals in the supported countries to send and receive funds in local currencies via e-wallets, with bank transfer options available in Mali. These services are designed to provide near-instantaneous fund transfers, offering convenience and efficiency. The introduction of e-wallet services in Morocco further highlights Tranglo’s commitment to innovation and regional coverage.
Jacky Lee, Tranglo’s Group CEO, emphasized the significance of this move: “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, facilitating secure access to funds for essential needs and economic growth.”
A Comprehensive Cross-Border Solution
Tranglo’s proprietary system, Tranglo Connect, integrates payout and partner services into a seamless end-to-end solution. By providing direct API access, it ensures reliable and secure payments across more than 100 countries. This capability positions Tranglo as a leader in transforming financial services for businesses and institutions worldwide.
