TIMES OF MONEY EYES REMITTANCE BUSINESS IN TANZANIA-ENABLING ONLINE REMITTANCES THAT WILL HELP CUT DOWN COSTS SIGNIFICANTLY

 Dar es Salaam Sept 24, 2013:  Global digital payments specialist TimesofMoney is set to enter the Tanzanian market as part of its Africa expansion plan. 

The company is expected to launch its revolutionary online remittance and money transfer solution in the coming months, which will allow Tanzanians to receive money from anywhere in the world, straight into their bank accounts, a virtual account linked to a prepaid Visa card or mobile phone wallet.

“We tied up with Diamond Trust Bank in Kenya recently to offer these services to NationHela users. Tanzania is the next key market where we would like to tie up with banks for offering our remittance services to its people living in the diaspora and sending money back home to their families,” said Avijit Nanda, TimesofMoney Chief Executive Officer.

According to the Tanzanian Ministry for Foreign Affairs and International Cooperation, the number of Tanzanians in the diaspora slightly exceed 2,000,000, living and working in different countries in the world. Remittances from Tanzanians in the diaspora amounted to Tsh120 billion (US$75 million) last year, according to World Bank Reports.

Tanzanians living abroad will be able to send money to relatives and friends back home with this completely online service, thus eliminating the pain of standing in queue at money transfer agents.  

“With its growing diaspora, East Africa and in particular Tanzania, has a huge remittance potential, which makes it a key focus market for us. With best-in-class technology and service, we promise to employ our global expertise to provide a hassle-free cross-border remittance experience,” said Mr. Nanda.  

The African diaspora currently consists of more than 30 million individuals living outside their countries of origin. IFAD estimates that these migrants jointly contributed US$38.6 billion in remittances in 2012 to their families and communities back home.
One major obstacle to the growth of remittance flows in Sub-Saharan Africa is the high cost of sending money.  The average cost of sending money to Africa is almost 12% higher than the global average of 8.96% and almost double the cost of sending money to South Asia.
“High transaction costs are cutting into remittances, which are a lifeline for Africans and one of the prime reasons for this high cost is driven by money transfer operators and agents.  The end consumer thus is burdened with a huge fee that these services charge for the money transfer, pushing up the overall remittance cost. Online remittance solutions like TimesofMoney can help cut down these costs significantly, the benefits of which can be passed on to the end-user,” he said.
About TimesofMoney:

TimesofMoney is the leading digital payments specialist serving a wide range of retail & institutional clients across the globe. Incorporated in the year 2000, TimesofMoney, offers white label solutions, plug-n-play models and merchant payments systems.

The services offered center around the diaspora of ethnic communities across the globe – facilitating money transfers to their home country and offering the convenience of using an internet or mobile platform. With over 12 years of experience, TimesofMoney boasts of a strong customer franchise in the retail & institutional space & has also been the recipient of several industry accolades for its achievements over the years.

With a majority shareholding by Network International, a market leader in payment processing, it is managed by a team of experienced professionals from the banking and finance background.

More details are available on the corporate website www.timesofmoney.com.

For more information please contact:

Lucy T. Ngongoseke | Tabasamu Public Relations | (Mobile) +255 754 602674 | lucy@tabasamupr.co.tz

Bhavin Shah | TimesofMoney | (Desk) + 91-22-3098 8491 | bhavins@timesofmoney.com


Mike Omuodo | H+K Strategies | (Mobile) + 254-720910146 | Mike.Omuodo@hkstrategies.co.ke

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