LEADERSHIP & STRATEGY
In fact , a good percentage of the GDP of these countries is made up by remittances . There are countries which are relying on remittances to the extent of 20-25 %.
“ Remittances have become a lifeline for many markets , and more so in some parts of Africa . Africa currently receives somewhere around $ 60bn from across the globe . So , Xpress Money is constantly looking at increasing its money share across the key African market . Be it North Africa , East , West or the South African belt , we are constantly looking at increasing our market share .
“ With that intention , we are growing our channels . Years back , we used to only have cash remittances in most of the market , then we added account credit and then mobile wallet credit … so with this partnership with Huawei , definitely we ’ ll be looking at enhancing our market share in the key African market .”
The importance of companies like Xpress Money in Africa cannot be underestimated . Businesses such as this are important in terms of helping trade to happen in parts of the world where challenges remain .
Xpress Money is aiming to be in every country on earth for cash remittances by the end of this year , and the Huawei partnership will play an important role in the company ’ s growth .
Giriyan is hopeful that , together , both companies can create some market disruption by bringing together their respective expertise and services in a way which suits potential customers .
“ In Africa today , compared to any other region , mobile wallet credits are in great demand ,” he says . “ The best examples of this are countries like Kenya and Tanzania . There is a lot happening in markets like Rwanda , Ghana and , going forward , it ’ ll happen in Nigeria as well . That is something which we see a lot when we get inquiries from our customers . For example , when a Kenyan walks into any of the locations , invariably he or she wants money to be sent to mobile wallet in Kenya .
“ So , because of the partnership that we have entered into with Huawei , we ’ ll look at countries where we can roll out these agreements and once they go live in a particular country , with a particular partner , we ’ ll definitely look at promoting this channel , which is sending money into mobile wallet .”
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