Tranglo, one of Asia’s leading cross-border payment hubs that provides foreign remittance and business payments, has expanded its presence in Africa, enabling payouts in seven African countries.
These countries include Ethiopia, Liberia, Kenya, Madagascar, Mali, Senegal, and Zambia. Tranglo’s strategic move aims to enhance financial inclusion by offering efficient and affordable cross-border payment solutions to one of the fastest-growing economic regions globally.
The largest recipients in the region include Nigeria, Ghana, Kenya, and Zimbabwe, while countries heavily dependent on remittances include The Gambia, Lesotho, Comoros, Liberia, and Cabo Verde. For example, remittance flows to The Gambia were equivalent to 23% of the country’s gross domestic product last year, making it one of the top 10 countries by share of GDP.
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Cross-border payments and remittances are crucial to Africa’s financial infrastructure, supporting millions of families and facilitating trade. As Africa continues its economic development, the need for efficient, affordable, and accessible payment systems has never been more crucial.
Africa is one of the world’s largest recipients of remittances. According to World Bank data, remittance flows to sub-Saharan Africa stood at approximately USD 54 billion in 2023, with projections indicating a 1.5% increase this year. Remittances are a lifeline for several African countries grappling with food insecurity, drought, supply chain disruptions, floods, and debt-servicing difficulties.
However, high remittance fees have historically impeded financial inclusion in the region. Tranglo seeks to overcome this barrier by providing cost-efficient and streamlined payment solutions. The average cost of sending $200 in Sub-Saharan Africa stands at 7.9%, making the region the most expensive globally for remittances. By expanding its payout network to seven countries, Tranglo aims to bridge gaps in financial access, particularly in areas with limited traditional banking infrastructure.
This initiative offers underserved populations greater access to funds and economic opportunities. At launch, users in Ethiopia, Kenya, Liberia, Madagascar, Senegal, and Zambia can send and receive payments in local currencies via e-wallets, while Mali supports bank transfers. Recipients can access funds almost instantly. Additionally, Morocco now supports the e-wallet feature for cross-border transactions.
Speaking on this expansion, 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. The firm 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.
Founded in 2008, the global network spans 100+ countries, 250+ mobile operators, 1,500+ banks/wallets, and 60 cash pickup services with thousands of touchpoints. Tranglo prides itself on pioneering a technology that makes cross-border transactions faster, cheaper, and more secure.