Remittance, money transfer companies spark banking revolution in Africa

If youre African, and especially from East Africa, youll most probably know what mobile money is. If youre not quite familiar with the term, youll know what it is shortly. Mobile money has so transformed the economies of several African nations that its credited with taking formal banking to the ordinary person. One of the companies that has spearheaded this mobile banking revolution is money transfer and remittance company WorldRemit. Michael Liu is the Asia Pacific director of WR. Martin Kwakwa got him to explain a few things about it all. First, what World Remit does in the various African nations.

Banking on a mobile phone handset Source: WR/SBS