WorldRemit has announced an agreement to acquire Sendwave, a rapidly growing app-based remittance company in a cash and stock transaction expected to close, subject to licensing and regulatory approvals in Q4 2020. “Both WorldRemit and Sendwave share common purpose-allowing customers to easily and cost-effectively send financial support to families, friends, and businesses in other countries,” WorldRemit CEO, Breon Corcoran, said in a statement yesterday. “Combining it with Sendwave, which offers instant, no, or low fee and fully digital payments from North America and Europe to Ghana, Nigeria, Senegal and East Africa, addresses customer needs for fast and secure digital payments,” Corcoran added. Most of WorldRemit transactions, including to Kenya, are channeled to families back at home for household bills, healthcare, and education, mainly school fees. In the last 12 months, ending 30 June 2020, WorldRemit and Sendwave have sent approximately $7.5 billion (Sh811.5 billion ) in transfers, generating approximately $ $280 million(Sh30.3 billion) in revenue.

Source: The Star August 28, 2020 00:56 UTC