Revolut Boosts International Fund Transfers Through Mobile Wallets in Africa

Revolut, a big player in the United Kingdom finance sector with over 40 million users worldwide, has launched its new mobile feature to make sending money abroad easier. The new feature comes with 14 new payment options within nine African countries, backed by Orange Money, Airtel Money, and MTN.

Finances are now transferred through Orange money in Guinea-Bissau, Botswana, Madagascar, Côte D’Ivoire and Sierra Leone. In Gabon, Malawi, Congo, Zambia, and Madagascar, funds are sent via Airtel Money. Funds are also sent through MTN in Congo, Côte D’Ivoire, Zambia, and Guinea-Bissau.

Revolut Simplifies Money Transfers for Customers

Revolut Mobile’s new feature aims to simplify transactions by allowing customers to send money with only essential recipient identification details. Like names, an email address, or a phone number. This process reduces the risk connected with traditional transfers, such as complex bank details and account numbers.

Samuel Fairburn, an official at Revolut, highlighted the everyday challenges faced by ex-pats in transferring money to Africa. He also expressed his joy for the new development and the company’s commitment to providing services that improve the accessibility and suitability of international funding.

By utilizing mobile wallets, users in the United Kingdom and many European countries can now transfer money to Kenya and Bangladesh.

Kenya and Bangladesh were chosen as the first markets due to their high adoption of mobile wallet services. Over 50% of mobile money customers globally reside in Africa presently, with Kenya being the top adopter on the continent. In Bangladesh, over 100 million persons, almost 60% of the population, have signed up with mobile financial platforms.

Revolut Facilitates Instant Global Transfer

The mobile wallet enables customers to have easy access, which facilitates direct transfers of funds via the app. This provides convenience to international students and ex-pats. Transfers via Mobile Wallets align with Revolut’s standard rates for international transactions, commonly processing instantly and arriving in the recipient’s wallet in 30 minutes.

Revolut has over 35 million customers and handles more than 500 million transactions each month. The company anticipates that Mobile Wallets will boost transaction numbers.

The general manager for Revolut, Akshat Mittal, said the company is excited to launch the mobile wallet, which aims to provide quick and affordable solutions for global money transfers by adjusting to the changing demands of the digital economy. Revolut aims to give people and families worldwide the ability to manage cross-border financial challenges effortlessly.

Revolut is a global neobank and fintech firm based in London, England. That provides banking services for retail customers and businesses. It was established by Nikolay Storonsky and Vlad Yatsenko in 2015.

The company offers stock trading, human resources, commodities, personal loans and buy now, pay later (BNPL). Other services include interest-bearing vaults, crypto, virtual cards, credit and debit cards, banking services, currency exchange, Apple Pay, and other services.