Paytoo entered into an agreement with Infenix to offer a remittance solution to more than 79 million subscribers in 29 African countries, at very competitive rate.
The partnership which combines PAYTOO®'s mobile wallet services solution with INFENIX's remittance payout distribution network, will give PAYTOO Mobile Wallet™ customers the ability to send remittances to 29 countries and 50 branded mobile wallets in Africa at low cost. This new service cuts the need for the receiver to go into a store to pick up the money since he gets it directly in his wallet, hence an easier, faster and more convenient solution to access his money.
"We envision great opportunities working with PAYTOO® in this new era of Payment Services in Converging Worlds.", says Pap NDIAYE, CEO of INFENIX Africa and Founder of INFENIX Europe.
This collaboration illustrates PAYTOO®'s efforts to drive "financial inclusion" by using mobile phones as a means of providing basic financial services and payments services to the "unbanked". Globally, an estimated 2.5 billion people do not have a bank account. This collaboration comes as part of a joint strategy from PAYTOO® and INFENIX, to enhance mobile financial services and to increase access to financial services across Africa.
"The African remittance market is among the most expensive in the world, but the mobile wallet market in Africa is one of the most advanced. With 30 millions of Africans living abroad, we realize the need to have a cheaper and more convenient solution for them to send money to their family in Africa. Thanks to our agreement with INFENIX, we will offer cheaper, faster and easier money transfers, improving the lives of many people living in the countries involved.", says Michel Poignant, CEO of PAYTOO Corp.
"This collaboration is the first step before a largest deployment in Africa from 16 to 29 countries, reaching a total of more than 79 million subscribers, and is part of our worldwide deployment started last year with the Latin America market.", said Gary Gelman, PAYTOO Corp. 's VP of Overseas Market