Singapore-based cross-border payments company, Tranglo announced its expansion into 10 African countries. This move brings the total number of countries in Tranglo’s African payments network to 25, significantly broadening options for seamless international remittances.
Mobile wallets are witnessing rapid growth across Africa, providing a lifeline for millions without access to traditional banking services. These platforms are increasingly becoming the preferred channel for money transfers, particularly international remittances.
The newly added countries include Benin, Cameroon, the Democratic Republic of Congo (DRC), Gambia, Guinea, Guinea-Bissau, Côte d’Ivoire, Malawi, Rwanda, and Tanzania. Initially, these markets will support peer-to-peer e-wallet transactions, enabling near-instant transfers in local currencies.
The expansion comes as mobile money services gain significant traction on the continent. According to the GSMA’s State of the Industry Report on Mobile Money 2024, the number of mobile money subscriptions in Africa grew by 19% between 2022 and 2023, reaching 856 million. Transactions rose by 28% to 62 billion, while their total value climbed by 12% to $919 billion.
Mobile wallets are critical in facilitating international remittances, which have become essential for many African families facing food insecurity, climate shocks, and economic instability.
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GSMA reported that mobile money-powered international remittances grew by 23% year-on-year to $29 billion in 2023, while overall transfers to Africa amounted to $90.2 billion, according to the World Bank.
Tranglo’s initiative is set to meet this growing demand but faces stiff competition. Notably, Safaricom’s M-Pesa platform is ramping up efforts to enhance its international transfer capabilities, leveraging its strong foothold in mobile money services across Africa.
As the demand for mobile money and international remittances continues to rise, players like Tranglo are poised to play a pivotal role in shaping Africa’s financial inclusion landscape.
