06 September 2024
Sasai Money, a fintech business of Cassava Technologies, has collaborated with Airtel Money to expand free financial transfers to more African markets..png?lu=392)
The end-to-end solution offers zero fees for payment transfers made by users in the United Kingdom and South Africa who send money to recipients in Uganda.
According to a company statement, after Uganda, the expansion will focus on other high-traffic remittance Airtel markets: Ghana, Malawi, Nigeria, Kenya and Zambia.
The Zero Fees initiative was first launched in May, by Sasai Money, in partnership with Econet in Zimbabwe. Sasai Money’s parent firm Cassava Technologies is part of the Econet Group.
The partnership enables the recipient to cash out their funds free of charge from their Airtel Money wallet.
In 2022, according to the World Bank, $100 billion flowed into Africa in remittances.
Sasai Money has stated that that informal remittances in Africa exceed the volume of formal remittances flowing through official channels. But the fintech has warned that informal remittances channels can result in senders losing their money.
“The partnership with Airtel Money Uganda offers an important avenue into one of Africa’s largest remittance markets,” said Darlington Mandivenga, CEO for Sasai Fintech.
