Wi-Pay set to launch international money transfer services
It will be recalled that Wi-Pay Global (the sister company of Wi-Pay Technologies) was granted an international Money Transfer Operator (IMTO) license by the Central Bank of Nigeria (CBN) in November 2016.
Over that period the company has engaged in developing strategic relationships with some banks while it designed the operating platform and integrating with local banks in Nigeria and Ghana.
“Our tenacity in the implementation process has ultimately culminated in this successful testing and we are quite excited about it,” according to Chamberlain Peterside, chairman and CEO of the company speaking in Lagos recently.
Upon launching the operation in early 2019, the money transfer services will initially focus on the UK-Nigeria and Ghana corridors as the company strives to expand its footprint to other West African countries.
Against this background, the CEO explained that the company will seek to continue building strategic partnerships that can enable it terminate transactions in Banks (via bank accounts or cash-outs) across the region as well as through NIPOST locations in Nigeria.
It is planned that upon full integration recipients also could be able to receive remittances in their mobile wallet and agent locations.
Wi-Pay ultimately is poised to offer innovation and multiple channels for terminating international remittance in Africa.
By recent data over $23billion was remitted by Nigerians in Diaspora, therefore Wi-Pay is well positioned to capitalize on this growing market.