WorldRemit, a leading online money transfer service, has announced plans to reach out to Cameroon’s unbanked population.
The move comes at a time when an estimated 65% of adults in Cameroon remain unbanked.
As part of its campaign, WorldRemit has reiterated that its customers do not need a bank account to access the full range of services available remotely for money transfer receivers through the WorldRemit app.
To reach out to unbanked Cameroonians, the cash transfer firm has introduced new app features to make it easier for remittance recipients in several countries, including Cameroon, to manage funds sent from overseas.
Remittance receivers in several countries, including Cameroon, can now create and access a remote WorldRemit account to receive money instantly to their phones from over 50 countries worldwide in multiple currencies including USD and XAF.
They can also store their funds in the app in multiple currencies including USD and XAF.
They can withdraw their money at any time using WorldRemit’s wide variety of convenient pay-out options, including cash pickup at over 1,500 locations, bank transfer and mobile money transfer, as well as send money to other WorldRemit customers living in the same country who have the new app feature.
The new features also allow users to request money from friends and family abroad by building a transfer in the WorldRemit app and sharing the request with their sender via Whatsapp, SMS or email. Senders can then easily approve and deliver the transfer in seconds.
The new app features are completely free of charge and give WorldRemit money transfer recipients full control over when and how to withdraw their remittances.
WorldRemit first launched its online money transfer service to Cameroon in 2012, and transfers to the country have been growing by over 90% year-over-year. Using the WorldRemit app or website, the diaspora community can send money home in a few taps from their phone, without having to pay expensive fees at a money transfer agent.
“Previously, only senders of WorldRemit transfers could select whether their money was received by bank deposit, collection as cash or mobile money transfer. The new service gives receivers with or without a bank account full control over how they manage their remittances, enabling them to store funds in a remote account in multiple currencies, send money to other WorldRemit users in the same country, or withdraw their funds at any time via any of our convenient pay-out methods,” explained Andrew Stewart, Managing Director for Middle East and Africa at WorldRemit.
“Cameroon is one of our top ten remittance receiving countries globally, so we are delighted to make it even easier for money transfer recipients in the country to manage their funds,” he said.