May 29, 2020 All Things Fintech in Africa

Paypal Launches Xoom in the African market

 

PayPal in 2015 brought xoom, a money transfer company which now serves 33 African countries from about 30 European markets. The Paypal’s subsidiary company is a highly competitive player in money transfer market.  Since September 2018, it has allowed inter-African transfers to companies and thus expanded its services to include wage payments in Ghana, Kenya and South Africa.

 

Let’s Meet Xoom

  • With their partnerships with Ria Money Transfer and African banks, Xoom allows people to send money online to 150,000 withdrawal points in Africa or to transfer funds directly to bank accounts which are available in Egypt, Morocco, Nigeria, Rwanda, South Africa and Uganda.
  • Users can retrieve cash instantly. It can be delivered directly to their door or their phone in the form of mobile credit (this is only available in 11 countries).
  • The transfer company fee is about 1.49 euros(or 0.3%) to send 500 euros from France to Morocco. It is a cheaper money alternative as Transferwise and MoneyGram charge 9 euros and 3.99 euros respectively for the same amount.
  • Although xoom and Paypal do not seem to have a specific continental strategy. But they are looking to expand outside North America and Europe.
  • When money is sent through Xoom, it is received in cash by banks and various other businesses depending on the recipient’s location.
  • There are about 3058 locations in Nigeria where you can send money to from the convenience of your Smartphone or laptop.

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