Tranglo is excited to announce 4 brand new payment corridors — Nigeria, Ghana, Uganda and Brazil — marking the fintech’s first foray into Sub Saharan Africa and Latin America.
Supported by local and foreign partnerships as well as Tranglo’s proprietary single interface platform, people living and working in over 23 countries within the Tranglo Network now have even more options to send money back, benefiting close to 500 million people in the two regions.
Tranglo CEO Jacky Lee said: “It is just the first of many to come. We are already planning to expand into countries like Mexico and Argentina next, bringing our cross-border payment solutions to even more businesses in the region and beyond. We are also focusing on enhancing e-wallet support to stay ahead in the digital economy, so stay tuned for more exciting development this year.”
Tranglo also aims to play its part in lowering the cost of remittances in these regions. According to World Bank data, Sub Saharan Africa is the costliest region to send remittances to, averaging 8.5% to send USD200 in the third quarter of 2020, while it costs an average of 5.8% to send the same amount to Latin America. For context, the United Nations Sustainable Development Goals calls for the reduction of transaction costs to 3% by 2030.
Sub Saharan Africa (Nigeria, Uganda and Ghana)
Nigeria, Ghana and Uganda ranked 1st, 2nd and 7th respectively in the list of top 10 largest remittance recipients in the region in 2020, according to World Bank estimates¹. Collectively, remittance inflows for the 3 countries totalled USD25 billion, or 43% of the total value.
Tranglo’s network there includes major digital wallets, instant banking and cash pickups.
Latin America (Brazil)
Remittance inflows to Brazil were about USD3 billion in 2020. Despite forecasts of global decline in remittances due to the COVID-19 pandemic, Latin America was surprisingly resilient, in particular Brazil, which registered no contractions throughout the year.
With 75% of remittances in Latin America coming from the US, Tranglo has paved the way for a seamless payment experience by first expanding to the North American market through partnerships with market leaders such as this, integrating their cross-border infrastructure with Tranglo’s API.
Tranglo’s network in Brazil includes direct bank transfers and cash pickups.
About Tranglo
Tranglo is a cross-border payment hub with a proven track record in business payment, foreign remittance and mobile payment solutions. Founded in 2008, we have offices in Kuala Lumpur, Singapore, Jakarta, Dubai and London. Our global network spans more than 100 countries, 2,500 mobile operators, 1,300 banks/wallets and 130,000 cash pickup points. To find out more, visit www.tranglo.com, LinkedIn, Facebook or Twitter.
World Bank’s Migration and Development Brief 33, Oct 2020.