Ozow-Hello Paisa to Ease Migrant Remittances from South Africa

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South Africa’s Ozow has partnered with the international money transfer platform Hello Paisa to enable instant EFT remittances from South Africa to anywhere in the world.

This deal could be significant for migrant workers in South Africa, who need a fast, cheap, and safe way to send money back home, which often means to other countries in Southern Africa. Reportedly there are 2.9 million migrant workers in South Africa. And they send an estimated $7 billion in remittances to their home countries. These remittances are often the sole source of income for families in the migrants’ countries of origin.

From the announcement.

The partnership will mean that Hello Paisa customers will be able to pay for their money transfers directly from their bank accounts using Ozow’s instant EFT solution. Unlike traditional payment options, this can be done anywhere, any time and without the hassle of having to wait for money to clear.

Here is what Ozow CEO Thomas Pays said about the deal’s significance.

“Being able to simplify the complexities of international money transfers for people is dependent on the collaboration and partnerships that we create within the financial services and banking sector,” Pays.

There is a saying in fintech that “payments is partnerships.” This is a good example of that statement in action.

Helping migrants and refugees, among other underserved communities in Africa, move money safely across borders is a growing industry. The most recent BIG5D Podcast episode features an interview with Tori Samples, co-founder of Leaf Global Fintech, a startup based in Uganda.

Leaf has built a digital wallet on the Stellar blockchain designed to allow migrants, refugees, and cross-border traders to carry cash and make money transfers without requiring a smartphone.

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