Economy

Transfast engages young African entrepreneurs

Transfast, a leading money transfer service provider, has engaged the services of qualified local personnel to run the company's operations in the country.

The company and its partner banks–UMB, First Atlantic Bank, Unibank, and HFC among others–  now employ tens of  locally trained personnel responsible for ensuring that remittances from Ghanaians in the diaspora sent via Transfast is available to friends and family instantly.

"In the coming year, the partnership is poised to expand in many other countries around the globe, focusing on providing money transfer services to families and friends while also allowing beneficiaries of international money transfer to receive money directly into their accounts in any currency," Transfast’s Global Marketing Director, Jay Vix, said.

"African entrepreneurs are very hard-working and determined to succeed. We are here to help ensure that funds from relatives in the diaspora for business expansion is quickly and safely available to such entrepreneurs," he added.

Remittances make up a significant source of financing on the continent, supporting families and driving investment, according to the World Bank’s recent Migration and Development Brief. The brief noted that the region receives billions of dollars in cash from relations in the diaspora.

The World Bank estimates that remittances to the region reached US$32.9 billion in 2014, a 2.2% increase over the year before, which had seen a sluggish growth of 0.9%.

This is, however, expected to slow to 0.9% this year, but will recover to 3.4% next year, and 3.8% in 2017.

Transfast continues to build a robust partnership with the diaspora Africans through their ongoing work in United States and Africa.

Transfast is a leading omni-channel provider of multi-currency cross-border payments solutions to consumers and businesses around the world.

It operates a best-in-class network across over 120 countries in the Americas, Asia, Europe, Australia and Africa with multi-product capability, including a leading, one-of-a-kind instant bank transfer offering. 

Ghanaians in the diaspora can log onto https://transfast.com/send-money-to-ghana  to send money to their loved ones back home.

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