International money transfer system, Tempo Money Transfer issued the results for the period July - September of 2016.
The Paris-headquartered remittances provider said in a statement that the number of agent locations soared to more than 180 in Germany and France.
The company's main focus of activity, is sending money from these two countries to the rest of the world, which makes the indicator very important for its operations, said the president of Tempo, Mr. Jeffrey Phaneuf.
He went on to say that the total number of locations where services are available, increased to reach 195,000 while the number of countries has almost reached 120.
The spectrum of services includes traditional cash payout, account-crediting, home delivery, cell phone topping up and remote bill payments in various countries.
Mr. Phaneuf said that by the end of Q3, the system has achieved a new operational level.
Within July-September, the company successfully stepped up its international network, particularly in Africa.
For example, the France and Germany - based remittances provider, which already holds a solid presence in Africa, and has rolled out its pay-out networks in Nigeria, Guinea, Senegal, Gambia, Mauritania, Sierra Leone and Comoros, launched a project in some of the Central African and West Africa nations including – Cameroon, Chad, Democratic Republic of Congo, Central African Republic, Ivory Coast, Congo, Gabon, and Rwanda. The completion of the project provides the customer with more than 400 pay-out locations.
“As a company specialized in outbound transactions from one of the most vibrant EU markets, (France and Germany) , we pay special attention to the developments in Africa and Asia. The demand for services is coming mostly from working migrants. We can clearly see the increasing trend in the number of African and Asian nationals settling in European countries. Hence the demand for low cost and quality services is growing,” Mr. Phaneuf said.
Phaneuf said that in 2016, the company diligently follows its main goals and principles, looking at increasing financial indicators in each project.
“We continue to place emphasis on low transaction costs. This makes for an effective decrease in the black market and brings money transfers into the open, regulated sphere. This benefits the host country's economy and our customers.”