This is fueling a boom for Africa-focused money transfer companies, despite predictions from the World Bank of a historic 20 per cent drop to Sh46 billion in remittances to poorer countries this year due to a pandemic-induced global economic slump. The virus gave remittance firms an advantage over their competitors - bus drivers and travellers used to send money home. Mukuru, which allows customers to send cash and groceries, has seen a 75 per cent acceleration in growth compared to last year. Remittances to sub-Saharan Africa totaled Sh5 trillion last year, according to the World Bank. Azimo saw a nearly 200 per cent increase in new customers in April, May and June.

Source: Standard Digital October 28, 2020 07:30 UTC