Remittances are a crucial part of many developing markets’ economies. However, the costs are often barriers stopping users from truly benefitting from money being sent, with fees being as high as 13 per cent. To remove this hurdle, Sasai Money Transfer, the international money transfer operator and business of Cassava Technologies, has partnered with Airtel Money, the Indian payments bank.
Through this new partnership, Sasai Money Transfer is expanding its free remittances offering to more African markets. Having originally launched in May 2024 in Zimbabwe, following a partnership with Econet, Sasai Money Transfer is now extending the service to Uganda. This is only the beginning, as the money operator looks to expand the service to more Airtel markets including Ghana, Malawi, Nigeria, Kenya and Zambia.
The Zero Fees initiative eliminates remittance sending fees for users of the Sasai Money Transfer service in the United Kingdom and South Africa sending money to family and friends in Uganda. The partnership with Airtel Money Uganda ensures that the recipient also enjoys similar benefits by cashing out their funds for free from their Airtel Money wallet. Overall, this is an end-to-end customer improving access and affordability to both the sender and receiver.
Sasai Fintech (Home) CEO, Darlington Mandivenga said, “The partnership with Airtel Money Uganda offers an important avenue into one of Africa’s largest remittance markets. As Sasai, this is where we want to be, ensuring we reach as many people as possible and ultimately leave no African behind. We are in a competitively unique position where we have been able to utilise our source market assets, operational efficiencies and group synergies, while collaborating with like-minded partners such as Airtel Money to deliver innovative offerings.”
Remittance challenges
Due to the high costs issued by institutions, many people turn to informal remittances to send money home. In fact, they vastly exceed the volume of formal remittances flowing through official channels (by-the-book money transfers recorded with a financial institution that will often have a fee).
This high level of informality presents a challenge for African migrants many of whom end up losing their hard-earned money to unscrupulous intermediaries. In line with the vision of a digitally connected future that leaves no African behind, Sasai is digitising and formalising remittances. In turn, it is making the services more accessible and affordable for all Africans. The goal is to close the gap between formal and informal money transfers, and make sure that no one is excluded from these essential services.
Sasai Money Transfer’s forerunning partnership on zero fees with EcoCash, the Zimbabwe-based mobile money operator, has proven to be a success. The zero fees offer has become very popular with senders in the UK and SA offering relief from the often-exorbitant remittances fees seen in the market. Resultantly, the initiative has been described by many as an “indispensable lifeline” for families back home.
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