LONDON, UK – SendSpend, the London-based mobile payment fintech company, has proudly announced the launch of its international remittance service to Pakistan, Nigeria, Kenya and Benin, marking a significant development for financial inclusion. This groundbreaking service enables fast, low-cost and hassle-free money transfers from the UK directly to the recipient’s mobile phone, even if they don’t have a bank account.
SendSpend connects to over 28,000 general stores, corner shops, retail shops and convenience stores across the UK, making it easy for anyone to send cash to a friend or family member overseas or in the UK. Money can also be sent instantly from the customer’s bank account. With SendSpend, you can effortlessly send money to a prepaid digital wallet and credit the recipient within seconds of exiting the sender’s e-wallet. Money can also be sent to a bank account or for cash pickup, allowing for flexible customization to individual preferences.
“With nearly 1.4 billion unbanked people globally, our solution aims to bridge the financial inequalities faced by many in emerging markets,” said Tracy Andersson, co-CEO of SendSpend. “Our tailored solutions go beyond traditional payments to provide a toll-free payment system for remittances and a Mobile Human Agent Banking module for global migrant workers, unbanked individuals and merchants.”
The majority of consumers in the UK have a bank account and are often unaware of the challenges involved in sending money to certain countries until they need to send money themselves. While existing remittance companies claim to service all countries, they often overlook the fact that many people in developing countries are unbanked and can only receive cash. In Pakistan, for example, only 21.3% of the population have a bank account, compared to 39.7% in Nigeria and 31.9% in Benin. As a result, senders have to resort to physically locating an exchange office to send money in cash, which proves cumbersome, time-consuming, and expensive. In addition, for the millions of migrants who have just arrived in the UK and are struggling to get a bank account, SendSpend offers a really convenient, easy and affordable solution to send money home.
For example, if you’re sending money from the UK to Pakistan, SendSpend enables transfers to 17 mobile wallets, including Jazz Cash, Easy Paisa, UPaisa, Paymax, and JCash.
SendSpend’s groundbreaking solution, the first of its kind to be launched in the UK, eliminates the need for a payment card or bank account to process transactions. It serves as a global, multi-currency, peer-to-peer payment system for international and domestic payments, seamlessly connecting merchants, consumers, and deposit/withdrawal services via APIs, payment gateways, and smartphone apps.
“Merchants and individuals facing banking restrictions and challenges can deposit and withdraw funds to or from their SendSpend prepaid digital wallet or directly to their bank account at any of the 28,000 agent shops across the UK,” said Graham Davies, Co-CEO of SendSpend. “Our target audience includes merchants who have insufficient or no bank accounts and have expanded globally and digitally, as well as those who are locked out of financial services and cannot make e-commerce payments and need money transfers through expensive international remittance channels.”
In the near future, SendSpend plans to launch more remittance services, with Indonesia, the Philippines, and India slated to go live in Q3 2023.
Exchanges or SMEs interested in becoming a SendSpend partner can apply at info@sendspend.com, while individuals can download the SendSpend client app at https://play.google.com/store/apps/details?id=com.sendspend.ss
About SendSpend:
SendSpend is a leading London-based fintech company driving financial inclusion through its mobile-only, interoperable alternative payment system. The SendSpend Mobile Payment System connects businesses and individuals around the world and includes a multi-currency ledger and digital e-wallet, a payment gateway, an agency banking app, and a suite of enterprise APIs that enable digital mobile payments, remittances of migrants etc. enable. and cross-border e-commerce, all without the need for a bank account or payment card. In addition, the system serves as an alternative to SWIFT for international payments. The company is registered in the UK as an Electronic Money Institution (EMI) and holds a license from the Financial Conduct Authority (FCA). For more information, see www.sendspend.com
