Cross-border payment hub, Tranglo, has expanded its footprint in Africa, now supporting payouts in Ethiopia, Kenya, Liberia, Madagascar, Mali, Senegal, and Zambia as it continues to aim to boost financial inclusion by providing efficient, affordable cross-border payment solutions to the region.
By expanding its payout network to these eight countries in Africa, Tranglo aims to bridge the gap in financial access, especially in areas with limited traditional banking infrastructure.
At launch, individuals in Ethiopia, Kenya, Liberia, Madagascar, Senegal and Zambia can send and receive funds in their local currencies via e-wallets, while Mali supports bank transfers.
Through its proprietary cross-border payments solution, Tranglo Connect, the company helps financial institutions and businesses make secure payments to over 100 countries. Tranglo integrates payout and partner services, unifying the end-to-end process with direct API access.
Remittances remain a crucial factor supporting households, small businesses, and local economies across Africa. In 2023, remittances accounted for nearly 1.5 times the size of foreign direct investment. In many countries, including Liberia, these funds help address food insecurity, drought, supply chain disruptions, floods, as well as debt servicing challenges.
According to World Bank data, remittance flows to Sub-Saharan Africa reached $54billion in 2023, with a projected increase of 1.5 per cent in 2024. High remittance fees have historically hindered financial inclusion in the region. Tranglo tackles this with its efficient and cost-efficient solutions, making cross-border payments simpler and more affordable. Sub-Saharan Africa remains the region with the highest remittances globally, averaging 7.9 per cent to send $200.
Tranglo’s seamless payout network enables users to send and receive funds through mobile wallets, bank accounts, and cash pickup locations, also offering greater financial access to underserved populations.
Jacky Lee, group CEO for Tranglo, also commented: “Africa’s dynamic growth in remittances and mobile adoption highlights the need for reliable and affordable cross-border payments. With this expansion, Tranglo partners can now provide payout services to millions of unbanked or underserved individuals across these countries, facilitating secure access to funds for essential needs and economic growth.”
