Tempo Money Transfer, in collaboration with its partner Express Union has begun a large project in Africa, where the France-based company has been carrying out intensive development. The focus of the project, is the Central African nations – Cameroon, Chad, DRC , Central African Republic, Ivory Coast, Congo, Gabon, West Africa and Rwanda. The completion of the project provides the customer with more than 400 pay-out locations, excluding those of EU’s local agents.
Clients are now able to send money from Tempo locations in Germany and France and collect the cash in outlets operated by Express Union and its local agents in the countries mentioned. The new network covers the countries’ big cities and towns, while outlets are safely located in business areas and shopping malls where the businesses successfully operate.
In his comments at the start of the project, president for Tempo, Mr. Jeffrey Phaneuf said that with its over $90-billion money transfer market, Africa features tremendous potential for ambitious players.
Tempo expect a 1.5 percent segment growth in 2016.
The company has rapidly been stepping up its network in the market. It recently rolled out its pay-out network in Nigeria, Guinea, Senegal, Gambia, Mauritania and Sierra Leone.
The company together with one of Africa's leading financial technology providers, are in the process of launching a large-scale project in Nigeria.
It enables clients to send money from Tempo's locations in Germany and France, to credit the funds into any bank account or mobile wallet, of a cell operator in Nigeria.
The Nigerian project is very close to completion. According to Tempo’s estimates, this remittances segment accounted for over $25 billion.
“Development in Africa is one of our top priorities. The key elements of the strategy here are enlarging the size of the pay-out network, as well as widening the product spectrum, this includes not only account crediting, but in the future, bill payments. African countries have rapidly developing infrastructure and intellectual potential for this,” Mr. Phaneuf said.