Money transfer business Express Union expands in West Africa
It has acquired a 45 per cent stake in Qash Services.Cameroon's money transfer specialist Express Union has expanded its network in West Africa, it was revealed this week.
Already present in Benin and Central Africa, the group now operates in Ivory Coast, Senegal, Burkina Faso, Guinea, Togo, Mali and Niger, according to Jeune Afrique.
To facilitate this expansion, it has acquired a 45 per cent stake in Qash Services, which owns more than 200 outlets.
This expansion will help increase competition in a market dominated by Western Union and MoneyGram, through which a large majority of global remittances transit.
These transfers are a major source of income for thousands of families in West Africa. The African continent has over 30 million people in the diaspora, according to the International Fund for Agricultural Development (IFAD).
Remittance flows to and within Africa approach $40 billion, with Western Africa accounting for $10,399 million.