Monday, June 24, 2024
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HomeIndustry NewsRevolut opens payment corridors between Europe and Africa
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Revolut opens payment corridors between Europe and Africa

Revolut seems to be betting on strong economic ties between Europe and Africa as it announced the extension of its international transfers feature Mobile Wallets with 14 new payment corridors, 9 new countries, and 3 digital wallets: Airtel, Orange Money, and MTN.

Customers in the UK and most European countries (EEA) will now be able to send money quickly and easily to African countries: with Orange Money to Botswana, Guinea-Bissau, Côte D’Ivoire, Madagascar and Sierra Leone, with Airtel Money to Congo, Gabon, Madagascar, Malawi and Zambia and with MTN to Guinea-Bissau, Côte D’Ivoire, Congo and Zambia.

“Sending money home to Africa is a challenge many expats face”

Samuel Fairburn, Product Owner for Remittances at Revolut, said, “We’re delighted to launch Mobile Wallets so that Revolut customers can send money in a flash. Sending money home to Africa is a challenge many expats face and so it is essential to provide a service that simplifies this and facilitates affordable and convenient international money transfers.

“By continuously adapting to the evolving needs of the digital economy, we hope to continue to empower individuals and families around the world to navigate the complexities of cross-border finance with ease.”

Revolut users can send money abroad quickly using only recipient IDs such as their name alongside their phone number or email addresses. This method prevents money from being sent to the wrong account details or money being stuck with banks.

M-Pesa, Airtel, Orange Money, MTN

With this news, Revolut customers in the UK and most European countries (EEA) can use Mobile Wallets to send money to 4 different wallets (M-Pesa, Airtel, Orange Money, MTN) used across 10 countries in Africa, and more wallet routes will be added in the coming months.

African countries heavily rely on Mobile Wallets for various transactions, making Revolut’s entry into these big markets timely and impactful. Customers can now seamlessly send money to Orange Money, Airtel, and MTN directly from their Revolut app.

Revolut is thus becoming a handy mobile payment option for African expats and international students living abroad, who can now send money abroad quickly and with a similar price structure as Revolut bank transfers.

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