Digital money transfer service WorldRemit is consolidating its rapid expansion into Tanzania

February 20, 2017 Leave a comment

Digital money transfer service WorldRemit (www.WorldRemit.com/en/Cameroon) is consolidating its rapid expansion into Tanzania, supporting the growing demand for instant remittances to the country from over 4 million expatriates living abroad.
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Today WorldRemit is announcing:

  • A new record of 10,000 unique transactions completed in the month of December 2016 alone;
  • 150% YoY growth in 2016, driven primarily by the rapid expansion of Mobile Money accounts as the preferred receive method.

WorldRemit customers can send money to Tanzania via Mobile Money to Tigo Pesa, Vodacom M-Pesa and Zantel Ezy Pesa Mobile Money accounts, as well as bank deposit and cash pick up.

The biggest senders to Tanzania include migrants currently living in the UK, Sweden, Australia, Norway and Canada, amongst others.

With WorldRemit, people in more than 50 countries can send instant, secure transfers to more than 140 destinations. Known as the ‘WhatsApp of money’, WorldRemit makes sending money as easy as sending an instant message.

Remittances play an important role in the economy of Tanzania – in 2015 the country received a total of $390 million according to the WorldBank, almost ten times the amount received in 2010.

Ismail Ahmed, founder and CEO at WorldRemit, comments: “Our Mobile Money partnerships combined with existing services for bank deposits and cash pick-up will give more choice to Tanzanians, further supporting the transition from costly offline remittances via high street agents to faster, cheaper and safer online transfer methods”.

WorldRemit customers currently send over 580,000 transfers every month.

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Silvertree acquires Nigeria’s TopCheck, forming Africa’s largest price comparison group

February 9, 2017 Leave a comment

Silvertree Internet Holdings (http://Silvertree.holdings), Africa’s leading Internet platform, has acquired Nigerian price comparison site TopCheck (https://Topcheck.com.ng) for an undisclosed amount.

silvertree

TopCheck is Nigeria’s leading price comparison site for financial services offering free online comparison for insurance products, loans, and broadband internet plans. The website recorded fast growth in 2016, processing up to 3 billion Naira (10 million USD) in Gross Application Value per month. It was founded by European entrepreneurs Christian Wiesner Jose Figueiredo and Thomas Pilar in 2014, and headquartered in Lagos and Berlin. The startup, that dubs itself the “Moneysupermarket of Africa”, had raised 1 million Euros in venture capital in 2015.

Silvertree Internet Holding is a Cape Town based Internet holding company which owns and operates Internet assets across Africa. TopCheck will join Silvertree’s subsidiary Compare Africa Group (CAG). CAG is active in South Africa, Kenya and Nigeria, and offers online price comparison of goods and services through various websites. The group owns financial services websites Compareguru (http://Compareguru.co.za), as well as product comparison site PriceCheck (www.PriceCheck.co.za), which was recently acquired from Naspers.

Silvertree has been very active in acquiring Nigerian tech companies in the past, having taken over Nigerian insured(dot)ng from Spark (2015) and deals site Dealdey (2016) from Kinnevik.

“The TopCheck team is excited to join forces with Compare Africa Group. Together, we are forming Africa’s undisputed leader in price comparison”, said TopCheck founder Thomas Pilar. “While our two companies had been competitors before, our strategies are completely in line: to be the number one online destination to acquire financial services in Africa. With TopCheck’s market position in Nigeria, and Silvertree’s wide reach throughout Africa, we look forward to further accelerating the company’s growth across the continent.”

Manuel Koser, co-founder and MD of Silvertree, explained the enormous potential in the comparison space: “We want to replicate the success of Check24 in the German financial services and insurance comparison space. TopCheck joining our portfolio is another step in building Africa’s largest comparison conglomerate.”

Christian Wiesner and Thomas Pilar will step aside as managing directors, but will continue to work with CAG as advisors. Ryan Marx, CAG’s MD, will be heading TopCheck with immediate effect. “I am very happy that Christian and Thomas will continue to advise Compare Africa Group with their vast expertise in the Nigerian financial sector”, said Marx.

SOURCE
Silvertree Holdings

 

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