Jens Ischebeck: guidance in Africa’s many money transfer options

4/9/2018 12:57:08 PM

As many African economies are showing healthy growth figures, there is a growing need for seamless money transfer for businesses and individuals. Getting money to and from Africa can be costly; for many Africans who have no bank account, finding the right money transfer service among the dozens of regional and global competitors is difficult. But now there is the ‘’ guide, that helps find Africa find the most suitable transfer solution.

With the growing dynamics of business in Africa, there is definitely a need for money transfer services. The number of Africa-related services has risen over the years and all have their particular advantages, like speedy payments, low-cost and the level of security. Some are easy-to-use and no-frills, other solutions offer more convenience and a high level of support, often at a price. To help Africans find their way in this money transfer jungle, German entrepreneur Jens Ischebeck launched his app-service, that offers both guidance and easy access to many of money transfer service. Ischebeck has spent many years working in these areas and has gained an exceptional understanding of the online money transfer needs of people from these countries.

Booming fintech market

The site covers one particularly interesting topic of the booming fintech market: remittances aka sending money online. “It is a topic of conversation in many target audiences, like people living and working in Africa and Africans living abroad, like expats, cheap labor workers, migrants and even refugees”, Jens Ischebeck explains.

In the western world, the most common way to pay for deals is from bank account to bank account. “In many emerging markets, the bank fees for remittance are regarded as very high. Furthermore, on the African continent one cannot expect both or all parties to have such an account. Many people use mobile digital wallets in all shapes and types; Mpesa is one of the convenient and best-known forms of mobile money. For that reason, money transfer options are common.”

Mobile money on the rise

Many contenders in this market have cut their prices to beat the banks’ competition and are often very flexible in dealing with mobile money. “Money transfer providers have a promising future in many emerging markets, based on mobile (smart)phone instead of the traditional bank infrastructure. What is more: they provide a future in which the large number of ‘unbankable’ individuals in Africa can take part, get included and benefit from the growing economic dynamics”, says Ischebeck.

Users find it hard to see the pros and cons of many of the competitors and that is why Jens chose to compare 5 major global money transfer providers, such as WorldRemit, Azimo, CurrencyFair, TransferWise and Payoneer plus some of the large regional providers such as Simbapay and Flutterwave. “Thus presented, you can choose the most suitable provider for you and just click on the link to it. So, with a few clicks, you can start sending money online.”

Practical support

With the money transfer market growing, the site offers both guidance and practical support. It is a money transfer app guide specifically designed for Africa, offering up-to-date information for the best money transfer providers, each specialising in different aims and target groups.

Ischebeck: “It not only ensures that you will be able to find the best and fastest deal, you will also be able to tailor your money transfer to your own specific requirements without having to waste an endless amount of time searching the web; especially useful in areas where the internet connection is not always reliable.”

How does it work?

“By using our service, you will be shown how to quickly find the right provider, simply by clicking on the links. You will then be taken to our website page which will give you all the necessary information, including how to make your transfer, and, once you have made your decision, again just click on the link and you will be taken directly to your chosen providers site.”

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