HomeSend and Azimo said Tuesday (July 21) that the companies are gearing up to launch a slew of wallet services in 10 countries throughout Africa and the Asia-Pacific region, with a focus on mobile money subscribers.
In an announcement, the companies said that Azimo customers in 20 European countries participating in the wallet services program can send funds on mobile devices to people in Armenia, Burkina Faso, the Philippines and several other African and Asia-Pacific nations.
HomeSend, which is billed as a global remittance hub, ties financial institutions, enterprises and mobile network operators globally. The new service allows people to send money in real time to accounts linked to recipients’ mobile numbers rather than through an agent or to a bank account.
“We’ve seen an increased desire for people to be able to safely send funds via mobile money accounts,” Stephen Doyle, HomeSend’s chief executive officer, said in the HomeSend joint statement with Azimo. “This form of money transfer has gained particular popularity due to its convenience, security, competitive pricing and near-instant delivery times.”
In the statement by the companies announcing the partnership on Tuesday, Azimo and HomeSend said that the World Bank has estimated that the global remittance market is worth an estimated $586 billion this year alone.
“Azimo is focused on being the universal digital platform for remittances. With cash payout, direct to bank account, mobile top-up and even home delivery money services in over 200 countries, we already have the most comprehensive network of any digital player,” said Michael Kent, Azimo’s founder and chief executive officer, in the press release announcing the mobile money service effort. “This tie-up with HomeSend to offer more mobile wallet services is a major step on our journey.”