SMEs in the UK can now quickly and securely transfer money to pay employees and contractors across emerging markets through the WorldRemit website
Nigeria, Ghana, Kenya and South Africa among emerging markets to benefit from WorldRemit for Business payment solution, a new service that enables small and medium-sized businesses to quickly pay their employees and contractors in 140 countries worldwide. The world leading digital money transfer company, WorldRemit extends the money transfer service to businesses, to reduce the cost and complexity of moving money across borders.
The platform will first be available to over 30% U.K.-registered businesses trading internationally, to speed up and reduce the cost of transfers which ultimately reducing frustrations of many SMEs – especially those sending money to regions with limited transfer options such as Africa and Southeast Asia. While some banks can take up to one week to process payments, over 90% of WorldRemit transfers are paid out within minutes.
WorldRemit For Business Solution’s diverse pay-out methods will benefit businesses when sending money abroad, including options for mobile-to-mobile services in 27 countries. These businesses sending payments abroad can easily track their transfer in real-time and opt-in to receive daily exchange notifications to decide the optimal time to send money abroad.
Ismail Ahmed, Founder and Chairman at WorldRemit, said; “When I first started WorldRemit, I was frustrated with the high charges and long delays in sending money abroad both as a business owner and consumer. Over the past 9 years, we’ve made it easier for 4 million people around the globe to send and receive money.
Today, we’re pleased to extend that service offering to businesses, and put an end to the steep fees that many pay, especially when sending to Africa. We’re committed to making it quick, safe and easy for you to pay individuals across borders, leaving you to focus on growing your own business.”
Shane Lennox, Senior Product Manager for Business, added; “With more people moving and settling across borders, the nature of business is becoming increasingly global. This new product offering is catering to those in need of a digital service that solves a number of pain points faced by SMEs with international staff and contractors.
This new product launch will bring UK business closer to the rest of the world, and enable millions of SMEs to benefit from our award-winning convenient service.”