Afrocoin Revolutionises Money Transfer Industry as Remittances Outstrip Foreign Aid

Alaska, CANADA

EDMONTON, Alberta, Sept. 26, 2013 (GLOBE NEWSWIRE) -- A start-up mobile money transfer service is promising to revolutionise how the African Diaspora sends money to family and loved ones back in Africa. Afrocoin Mobile Money is a secure, fast, efficient and reliable online money remittance service that can be accessed wherever there is internet connection and via mobile devices. With its growing network of banking partners, financial services partners, agents and mobile money payment networks, Afrocoin Mobile Money continues to seek better ways to ensure that transferred funds are accessible to those who do not have access to regular banking services, or live in the remote areas of Africa.

The significance of the economic impact of money remittances by the African Diaspora to the continent was underscored in a recent research publication in the European Journal of Development Research, where it was demonstrated that there is a direct positive relationship between increased access to money remittances and improvements in the quality of life in beneficiary communities. Recent research studies published by Adams Bodome of Hong Kong University show that money remittances from the African Diaspora now account for more capital injection into Africa when compared to donor aid from Western countries. Afrocoin Mobile Money seeks to play a significant role in the financial inclusion movement currently underway in Africa, by harnessing the potential of mobile money technologies to make positive contributions to initiatives that will improve money remittance distribution channel efficiencies, lower money remittance fees and provide greater access to Africa's unbanked and underbanked communities.
Bongi Mlambo, President of Afrocoin Mobile Money, says, "Current money remittance service operators are not doing enough to improve distribution channel efficiencies, lower fees or provide greater access to Africa's unbanked or underbanked communities.  As a result Africa still has some of the highest money remittance fees in the global market, seriously disadvantaging the pursuit of a better quality of life for many African communities dependent on money remittances.  We have come from the frustrating position of taking time off work to stand in long queues at the money transfer shop; risking being turned away if one misses the shop's inconvenient business hours; completing long paper forms with almost illegible small printed words, and then being charged exorbitant fees for a service that requires your beneficiary in Africa to travel long distances to the city agent to collect cash.  This current state of affairs was one of the main factors that motivated us to do something about the situation, and start Afrocoin Mobile Money, with the objective of providing a secure, fast, convenient and low priced online money remittance service fully geared for  today's 24/7 mobile world. Customers are able to send money quickly through our website or on the go via our Mobile App".
In previous years there has been limited service for those looking to send money to Africa. Mobile Apps with limited capabilities have come into the market, providing limited attempts at innovation with minimal impact on improving money remittance efficiencies or lowering money remittance fees.  Afrocoin Mobile Money provides a comprehensive money remittance solution anchored on a fully online and mobile approach, where customers can initiate, process and complete their money transfer transactions online, on mobile phones and other mobile devices.  Afrocoin Mobile Money is developing a secure, state of the art e-money payment system that will be deployed in Zimbabwe in partnership with Allied Bank Zimbabwe. This will significantly improve access to international remittances for Zimbabwe's unbanked and underbanked communities, and those who live in Zimbabwe's remote areas, whilst significantly lowering the cost of sending money to Zimbabwe. In South Africa, Afrocoin is working in partnership with Sikhona FX Financial to deploy a regional mobile money remittance service and mobile payments network. In Kenya and Uganda Afrocoin Mobile Money customers will have their money remittances delivered instantly through M-Pesa mobile phone accounts.
Afrocoin Mobile Money services are driven by a professional team of Information Technology experts, Business and Finance experts, all supported by an exceptional customer service team that provides customer care in English, French, Kalanga, Ndebele, Shona, Venda, Zulu and five other African languages.  Afrocoin Mobile Money's comprehensive solutions come complete with the option to instantly top-up airtime for mobile phones in Africa, across all major mobile phone networks from South Africa to the Democratic Republic of Congo.

To learn more about Afrocoin Mobile Money and to download the free Mobile app, please visit
About Afrocoin: Afrocoin Mobile Money is a start-up mobile money remittance service specializing in sending money from international markets to Africa. Afrocoin Mobile Money provides a secure, fast, convenient, reliable and low priced money transfer service. The initial service coverage covers money remittances from international markets to South Africa and Zimbabwe, with rapid expansion to cover the entire Southern Africa Region (SADC) in the coming months.  
For further information please contact Lorraine Mlambo. Email: 
Tel: +61 3 9018 7537


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