Nairobi - WorldRemit, a British money-transfer operator, sees revenue from transactions involving Africans doubling by 2020 as more people on the continent access mobile-payment platforms and expatriates send cash home.
The seven-year-old company, in which Facebook-backer Accel Partners invested $40m in 2014, will this year open a regional office in South Africa, its largest market on the continent in terms of money-transfer value, founder and CEO Ismail Ahmed said in an interview. Another site will start operating in Kenya, where the London-based business sees Africa’s highest number of individual transactions.
“In the next two years we should be doubling our volume every year,” Ahmed said in Kenya’s capital, Nairobi. The continent accounted for half the company’s 2016 revenue of £41m, he said, declining to give profit figures.