- Tranglo extends its payout network to eight African countries.
- Aimed at enhancing financial access and reducing remittance costs.
What happened
Tranglo, a leading cross-border payment hub, has announced an expansion of its services across Africa, now supporting payouts in Ethiopia, Kenya, Liberia, Madagascar, Mali, Senegal, and Zambia. This strategic move is designed to bolster financial inclusion by offering efficient and affordable cross-border payment solutions in one of the world’s fastest-growing economic regions. The expansion particularly targets areas with limited traditional banking infrastructure, thereby bridging gaps in financial access for underserved communities.
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Why it is important
This expansion is significant as it directly impacts the financial landscape of the targeted African countries. Remittances play a crucial role in supporting households, small businesses, and local economies across Africa, with flows to Sub-Saharan Africa reaching $54 billion in 2023, projected to increase by 1.5% in 2024. High remittance fees have historically been a barrier to financial inclusion in the region, with Sub-Saharan Africa having the highest remittance costs globally, averaging 7.9% per $200 sent. By providing a more cost-efficient solution, Tranglo’s expansion can significantly reduce these costs, making cross-border payments simpler and more affordable. This not only benefits individuals by offering greater financial access but also supports economic growth in the region by facilitating secure access to funds for essential needs and investment.
