Foreign Exchange on the Frontier
In sub-Saharan Africa, 75% of the population does not have a bank account. Many use mobile apps in lieu of traditional bank accounts. For Africans, transferring cash through a bank or a Money Transfer Operator (MTOs) like Western Union or MoneyGram can be costly. While there is much opportunity in Africa, it can be difficult for companies outside of Africa to work with people and businesses across the continent. Payments are both costly and unreliable, due to:
- Liquidity challenges of African currencies
- Reliance on physical cash Foreign Exchange bureaus…
