Money Transfer Giants Expand Globally, Tapping New Markets
Money transfer companies are expanding globally to tap into new markets and increase their reach. Recent launches and acquisitions indicate a shift towards digitisation and geographical expansion, with companies from outside traditional Western markets leading the way.
MoneyGram, a veteran in the sector, has launched its online platform in Brazil, reflecting the country's high digital penetration. Meanwhile, blockchain-based service Strike has expanded to Nigeria, Kenya, and Ghana, with more African nations expected to follow.
Expansions are also driven by acquisitions. Ria, for instance, acquired South African player Sikhona, while Remitly snapped up Israeli financial services platform Rewire. In a reverse trend, African fintechs like Nala from Tanzania and Kuda from Nigeria are now expanding into European markets to serve the African diaspora.
These moves reflect the evolving money transfer landscape, with digitisation and geographical expansion becoming key trends. As companies from non-Western markets lead the charge, 2023 is expected to see more launches that mirror these shifts in the stock market today.
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