Global money transfer system Tempo France and US-based financial service company Nairagram have partnered to launch remittances from the EU to 20 countries in Africa. The completion of the integration project enables clients to send money through Tempo’s application to Nigeria, Mozambique, Zambia, Senegal, Ivory Coast, Guinea, as well as Cameroon and Burkina Faso.

The list of the countries covers wide geography of the continent and also includes Liberia, Zimbabwe, Niger, Mali, Sierra Leone,  as well as Togo, Mauritania, Kenya, Tanzania, Gambia, Rwanda, and Benin. The receivers are now able to pick up cash in 17 countries. The option of customers topping up their mobile wallet is available in 10 countries.

The recipients can leverage the bank account deposit option in Rwanda. According to the CEO of Tempo, given the number of countries covered as well as the growing demand for remittances to Africa, the project seeks to benefit the international money transfer market. She continued with the money transfer corridor from Europe to Africa seen as one of the most dynamic developments in global remittances.

Tempo attributes the growth to the increasing number of migrants coming from Africa to Europe. They make money in the EU and need reliable, safe, and efficient possibilities to send it back home to their loved ones. The CEO stated that the African corridor has been demonstrating steady growth for the last decade.

According to her, African countries are mostly remittance acceptors. Tempo’s analysis shows that the growth rate varies from country to country but still an average growth rate falls in the range between 10 to 20% per annum. As the number of African people coming to Europe is on the rise, we expect the remittance volume to increase by at least 15% every year, with the demand continuing to grow.

Tempo France’s CEO highlighted the humanitarian role remittances play in Africa: ‘we have to remember about the families whose income comes from money transfers. The remittances play an important role in the economic life of the continent. That is why, before the introduction of the service here, we made sure that the remittances are simple, fast, safe and at the lowest possible cost.

’ She went further by saying that Africa will be one of the prioritised trajectories in the company's business development. More about Tempo France According to her, Tempo France successfully completed projects in Asia and Eastern Europe. Also, Tempo France recently partnered with the Cypriot international fintech company Armenotech to jointly step up their activities in the international payment market and stimulate more intensive integration of Stellar blockchain in the global sector.

In December 2022, Tempo France partnered with all-in-one verification platform Sumsub to remain compliant with regulations and offer a better customer onboarding experience. .