Dec 10, 2020

Paypal extends Xoom money transfers to underbanked Africa

digital payments
PayPal
Xoom
Africa
Rhys Thomas
2 min
The digital payment giant says it can lower average fees in one of the most expensive regions in the world for remittance
The digital payment giant says it can lower average fees in one of the most expensive regions in the world for remittance...

Paypal is expanding its money transfer service Xoom into underbanked segments of Africa, allowing customers in the US, UK, Canada and Europe to send money to mobile wallets across the continent. 

Xoom will initially launch in Burundi, Cameroon, Ghana, Kenya, Madagascar, Malawi, Mozambique, Rwanda, Tanzania, Uganda, Zambia and Zimbabwe, before a wider continental rollout in 2021. 

Africa is one of the most expensive regions in the world to send remittance to through traditional channels, with large sums carrying a cost that is almost three times higher than the global average. 

Traditional banking “a mirage”

Amadou N. R. Sy, a leading financial advisor and former Deputy Division Chief in the IMF Monetary and Capital Markets, says access to traditional banks is “almost a mirage for most Africans”. In Sub-Saharan Africa there are only around five traditional bank branches per 100,000, but the region is one of the world’s hotspots for mobile money accounts: in some countries across the region, more than 60% of adults hold one. 

“Most African users now rely on mobile payments to send and receive money domestically,” he adds. “Increasingly, they are taking advantage of new services to also send and receive money internationally.”

Xoom says it can help bring down these average costs and enhance financial inclusion across great swathes of the population. Remittance transfers to mobile wallets through its platform could bring average fees in some regions down to 2-4%, depending on which countries money is transferred between, and the funding source.

"Sending money to Africa through traditional channels has always been expensive,” said Julian King, Vice President and General Manager, Xoom. “We wanted to help bring down the cost and speed up the process to boost financial inclusion.”

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Jun 11, 2021

The Ultimate FinTech & InsurTech LIVE Event

Fintech
Insurtech
live
event
3 min
Fintech and Insurtech magazines bring you the virtual conference that can’t be missed, streaming live from London

From October 12th-14th, 2021, BizClik’s FinTech & InsurTech live event will bring together influential executives from around the world. Live from London, this three-day event will be an excellent way to finish the year strong, gaining the confidence your company needs to move forward into the future. 

With keynote addresses from global leaders, dynamic roundtable discussions, and extensive networking opportunities, FinTech & InsurTech live will expand your network, deliver insight, and enhance your organisation’s reach. Events include a forum on financial services, discussions centred on racial equality and women in fintech, and APAC, EMEA, and US-focused sessions that capture insights from around the world.  

The event will include:

 

  • Keynote addresses from respected industry leaders
  • Dynamic live roundtables (inc. Q&A)
  • Fireside discussions
  • Inspirational Speakers & Presentations
  • Extensive networking opportunities

 

Scope Out the Agenda 

This week, we’ll share our weekend schedule of events, filled with essential industry topics and keynotes replete with knowledge and insight. Here’s a rundown of the three-day schedule

Tuesday

October 12th 

Kicking off at 10 AM with a welcome message from our CEO Glen White, the first day of FinTech and InsurTech Live won’t pull any punches. We discuss racial equality, inventive financial services, and cloud migration—and that’s just the morning lineup. 

Later on, we’ll cover supplier diversity, AI digital transformation, and fintech sustainability, in addition to cloud and digital transformation in global insurance. Don’t worry—we have a networking lunch in-between events! Finally, we’ll close out the day with online banking, women in fintech, and a recap of Day 1. 

Wednesday

October 13th

First we’ll hear from Scott Birch, our expert BizClik Media Editorial Director and facilitator, live from the Fintech Leaders Stage. We then jump into the future of digital payments, unicorns, and digital insurance brokers. Interested in learning more about digital underwriting and digital payment solutions? You’ve come to the right place. 

In the afternoon, we’ll touch on CX in insurance, host a forum on financial services, and discuss what the world might look like as a cashless society, plus the future of challenger and neo banks. Wrapping up, we’ll talk tech and AI in insurance, PayTech, and hear from a surprise inspirational speaker. But we’re not done yet. 

Thursday

October 14th

As is only fitting, BizClik’s CEO, Glen White, will introduce our APAC sessions, highlighting the critical role that Asia will play in the future of fintech and insurance. Following his remarks, we’ll open up the floor for a chat about digital banking, discuss technology in APAC, and hear from Dipu KV in an iconic keynote address. 

After a series of thought leaders and networking sessions, we’ll head into an EMEA-focused session, which includes an EMEA technology panel, a CDO keynote, and a Europe enterprise presentation. In fact, this day’s events span the globe. Next up is a USA regional keynote, followed by a US CIO presentation and talks about enterprise. 

A final end-of-event farewell will close out the weekend, wrapping up a successful FinTech and InsurTech global event. Can’t miss it. We look forward to seeing you there!

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