Tempo Money Transfer 2016 annual results issued - transactions up 160 percent

International money transfer operator, Tempo Money Transfer, has issued the results of its operational and financial activity in 2016.

The Paris-headquartered remittances provider said in a statement that the number of agent locations increased to more than 230 in Germany and France by the end of 2016, against 70 in 2015.

The company's main focus of activity is sending money from these two countries to the rest of the world. This makes the indicator very important for its operations. 

The president for the Germany and France–based company, Mr Jeffrey Phaneuf, reported that in 2016, Tempo processed over 63 thousand transactions, up 160 percent from the year 2015. He said also that gross revenue reached € 32.6 million. “The total number of locations where services are available, increased to reach 195,000, while the number of countries has almost reached 120 by the end of 2016,” Mr Phaneuf said.

“2016 in particular has become a very important year for the company because Tempo Money Transfer launched its online payment option this year. Now clients do not need to visit Tempo's locations to send money. A transfer can be originated from the website, www.tempo.eu.com, and the service is available to clients from all over the EU.

The first stage of the project covered 35 countries, including such large markets as the Philippines, Sri Lanka, Bangladesh, Pakistan, Vietnam, India, Brazil, Russia, Albania and Armenia. The online service became possible due to the significant success the company achieved working on the development of its international partnership network, its state-of-the-art IT technologies and the high-profile reputation it enjoys internationally, he said.

In 2016, the system significantly widened its spectrum of services. It currently includes traditional cash payout, account-crediting, home delivery, cell phone topping up and remote bill payments in various countries.

“We are specialised in outbound transactions from one of the most vibrant EU markets, based in France and Germany. We pay special attention to developments in various regions around the globe. The demand for services comes mostly from working migrants. We can clearly see the increasing trend in the number of migrants settling in European countries. Hence the demand for low cost and quality services is growing,” Mr Phaneuf said. “In 2016, Tempo diligently worked on building up its activities, expanding its payout location network and widening its service range. It actively participated in integration with global e-payment platforms,” he added.

 “We place emphasis on low transaction costs. We understand that 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.”