DURBAN - Digital money transfer company WorldRemit has launched a new service called WorldRemit for Business.
The new service enables small and medium-sized business owners to quickly pay their employees and contractors in 140 countries worldwide, including fast-growing markets such as Ghana, Kenya, and South Africa.
The platform will first be available to businesses that are in the UK.
WorldRemit’s fees and exchange rates are shown up-front and customers can send money easily via the company’s website and app. By extending its money transfer service to SMEs, WorldRemit will save businesses time and money when they make international payments.
Each year, the UK imports $5.6 billion in goods and services from South Africa where SMEs are estimated to make up 90 percent of formal businesses and provide 60 percent of employment.