According to the World Bank's report, remittances in Senegal contributed to over 10% of the GDP, making Senegal one of the largest remittance recipients in Sub-Saharan Africa. In fact, Senegal is the second largest player when it comes to remittance inflows in Africa.
A 2019 World Bank report shows that over 54% of adults in Senegal are still unbanked. Moreover, even with financial inclusion on the rise, the cross-border payment industry in Senegal is far from seamless. Most international transactions are still handled by the old school banks, which can be frustrating, expensive, and slow, to say the least.
On the other hand, remittance inflows are like a lifeline for Africans and the African economy as Africans in the diaspora are always sending money home to friends, family, and other personal projects.
Unfortunately, a large chunk of these remittances are lost to expensive cross-border charges and hidden fees. This is because most of the existing key players focus on originating transactions from the US, UK, Europe, and Canada, with little focus on transactions across Africa. Furthermore, sending money across Africa is twice as expensive as sending money outside Africa. That's because cross-border payments in Africa involve a lot of middlemen, which drives up the cost and creates a lot of delays.
But what if there was a way to cut out the intermediaries and make cross-border payments faster and cheaper?
Thankfully, this is where Transfy comes in. And with Transfy in Senegal, cross-border payments are about to get easier!
What is Transfy?
Transfy is a pan-African payment solution changing the cross-border payment landscape in Africa—making it easy for Africans to send and receive payments in their preferred local currencies without the hassle of traditional banking systems.
The platform was founded in April 2021 by Vincent and Emmanuel to help individuals and businesses across Africa to move their monies without borders and at the lowest costs possible. Transfy is currently available in 8 countries across Africa, including Ghana, Kenya, Nigeria, South Africa, Uganda, Cameroon, Cote d’Ivoire, and the Benin Republic, with hopes of expanding to more countries in the coming years.
Transfy’s launch in Senegal is a giant step in achieving the pan-African dream of making cross-border payments and money remittance more seamless, cost-effective, and efficient for individuals and businesses across Africa. Senegalese can now use Transfy to send and receive money in minutes without worrying about high exchange rates, hidden fees, or delayed transactions.
How Does Transfy Help Cross-border Payments In Senegal?
Multi-Currency Wallet
Transfy is a perfect solution for businesses that want to make international payments quickly and easily. With our multi-currency wallet, you can store your funds in multiple currencies and switch between them. In addition, Transfy offers access to local African currencies like XOF, XAF, GHC, NGN, ZAR, UGX, and RWF without limits.
Send and Receive Money Without the Hassles
Transfy makes it easy to transfer money to and from Senegal without worries. Whether you want to send money from Nigeria to Senegal or receive money from Senegal to Benin Rthe epublic, Transfy provides a convenient means to save you from all the hassles. You can quickly and easily send money to your friends, family, or businesses in Senegal and across Africa.
Competitive Fees and Exchange Rates
Are you looking for a cross-border payment solution with affordable fees and no hidden charges? You’ve got Transfy! We are committed to making cross-border payments easy for individuals and businesses in Senegal, Africa, and the diaspora.
Instant Transactions
When it comes to payments, timing is everything. And that's why we offer fast and efficient transfers that you can always trust. So whether you're paying a supplier in another country or receiving payments from customers across Africa, Transfy is the solution you need.
Safe and Convenient Transfers
Transfy is quickly becoming the go-to platform for sending money across Africa. Our platform is highly secure with end-to-end encryption to protect your data and funds at all times.
User-Friendly Mobile and Web App
Transfy offers user-friendly web and mobile applications that are super easy to use and navigate, even for first-time users. Plus, we have a dedicated customer support team ready to help you any time, any day.
Bulk Payment
Transfy offers a secure and seamless bulk payment feature that helps you remit salaries/wages to your employees in any location. We provide hassle-free money remittance at industry-best rates.
Transfy API
Transfy APIs allow Fintechs and MTOs to integrate payout options to mobile wallets and bank accounts across Africa. With access to over 30% of Mobile Wallets and Bank accounts in Africa, Fintechs and financial institutions can expand their financial footprints with our robust APIs.
How To Use Transfy in Senegal
- Download the Transfy Mobile App on Apple or Google Playstore. Or visit www.transfy.io
- Provide your personal and contact details to sign up and register on our platform.
- Upload the required KYC documents to get verified.
- Enjoy 24/7 access to hassle-free cross-border payments and money transfers.
Conclusion
Transfy allows you to handle your cross-border payments easily. You can send and receive money with family and friends across Africa. Our multi-currency wallet makes it easier to save, spend, hold and switch multiple local currencies. So whatever your cross-border payment needs may be, Transfy has you covered.
