WorldRemit expands mobile money transfer services to Latin America
An agreement with Bancomer Transfer Services adds 15 countries to WorldRemit's list of receiving markets, the company's biggest single expansion to date.
WorldRemit, an online and mobile money transfer company, has announced a partnership with Bancomer Transfer Services Inc. to offer money transfers to Latin America.
The agreement adds 15 countries to WorldRemit's list of receiving markets, the company's biggest single expansion to date, the company reports.
Bancomer Transfer Services' extensive network of affiliated financial institutions and retail networks will enable bank deposits and cash collection in Argentina, Bolivia, Brazil, Colombia, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru and Uruguay.
"Bancomer Transfer Services is known and respected across the Americas and they are the perfect partner for WorldRemit to enter this market of more than 300 million people," WorldRemit's founder and CEO Ismail Ahmed said in a statement. "These 15 countries account for almost 10 percent of the world's remittances and it is high time that the people sending money there are able to benefit from the low fees, speed and convenience that WorldRemit's online service offers."
"Bancomer Transfer Services continues to deliver digital solutions in the financial services space. Our constant digital evolution gains even more momentum by partnering with a company like WorldRemit," said Moises Jaimes, CEO of Bancomer Transfer Services.
The 15 countries covered by the partnership between Bancomer Transfer Services and WorldRemit received more than $50 billion in 2013, according to estimates from the World Bank. Globally, remittances reached an estimated $541 billion in 2013.