Tranglo’s First Foray Into Sub Saharan Africa and Latin America
Tranglo announced that it has opened 4 new payment corridors — Nigeria, Ghana, Uganda, and Brazil — marking the fintech’s first foray into Sub Saharan Africa and Latin America.
Supported by local and foreign partnerships as well as Tranglo’s proprietary single interface platform, people living and working in over 23 countries within the Tranglo Network now have even more options to send money back, benefiting close to 500 million people in the two regions.
Tranglo CEO Jacky Lee said: “It is just the first of many to come. We are already planning to expand into countries like Mexico and Argentina next, bringing our cross-border payment solutions to even more businesses in the region and beyond. We are also focusing on enhancing e-wallet support to stay ahead in the digital economy, so stay tuned for more exciting development this year.”
More significantly, Tranglo aims to play its part in lowering the cost of remittances in these regions. According to World Bank data, Sub Saharan Africa is the costliest region to send remittances to, averaging 8.5% to send USD200 in the third quarter of 2020, while it costs an average of 5.8% to send the same amount to Latin America. For context, the United Nations Sustainable Development Goals calls for the reduction of transaction costs to 3% by 2030.