Safaricom is the largest telecommunications company in Eastern Africa. It provides voice and data services but the company is most known for Mpesa, a mobile money transfer service. It’s the most developed mobile-phone-based financial service in Africa with over 37 million active customers operating across 7 countries. These include the Democratic Republic of Congo, Egypt, Ghana, Kenya, Lesotho, Mozambique, and Tanzania.
The company has in the past few years developed several payment solutions targeted towards business enterprises:
- Paybill Service – a cash collection service that allows organizations to collect money from their clients through M-PESA.
- Business Payment Services – a service allows an organization, through its M-PESA account, to transfer money to another organization’s M-PESA account within the M-PESA system.
- Bulk Payment Services- this service allows a business enterprise to make payments to groups of people/ in one go. For example, payments to suppliers or contractors.
World Remit is a UK-based international money transfer platform. Over the last nine years, the company has grown to serve over four million customers, across 150 countries worldwide. You can send money to your family or friends overseas via their website or app(Android & IOS). The person on the receiving end has a variety of options including bank deposit, cash collection, WorldRemit wallet, mobile airtime top-up, and mobile money.
In 2019 they launched WorldRemit for Business. This recent service allows small and medium-sized business owners to pay their employees and contractors in 140 countries worldwide. These include fast-growing emerging markets such as Kenya, Ghana, and South Africa.
WorldRemit’s goal with this recent service is to:
- Drive down the cost of cross-border payments for businesses.
- Speed up the process from the time to sign up for the service to the money transfer.
- Offer a variety of payout methods and provide suitable options for people in different regions
However, their business service is available for UK-based businesses only.