Remittance provider Transfast is expanding its proprietary bank network across 23 African nations, enabling funds to be transferred directly into recipient bank accounts.
Senders in the U.S. and Canada can send funds via a Web or mobile interface to accounts at nearly 600 banks.
Transfast's banking network will cover up to 90% of adult bank account holders in the 23 African nations, according to Transfast in a July 16 press release.
"Our direct to bank initiatives further the financial inclusion goals of governments in Africa," said Samish Kumar, CEO of Transfast, in the release. "As banking penetration grows in Africa, our bank product capability is the most efficient and cost-effective way to receive funds. For unbanked recipients, the ability to pick up cash at a bank provides a positive experience in a bank environment and is a first step towards becoming banked."
According to the World Bank, access to bank accounts and payment systems empowers women and increases savings.
Users can also send funds that can be picked up as cash at more than 6,000 locations inside banks within the African regions. Direct deposits are currently available in Nigeria, Kenya, Ethiopia, Ghana, Gambia, Senegal, Mali and the Ivory Coast. The service will be deployed at another 17 countries later this summer.
The service will be available to U.K. and broader European Union senders soon.
