Sasai Money, the fintech arm of Cassava Technologies, has joined forces with Airtel Money to broaden the reach of its zero-fee financial transfer services to more African markets. The collaboration aims to provide an end-to-end solution that eliminates fees for payment transfers made by users in the United Kingdom and South Africa to recipients in Uganda.
Following the launch in Uganda, Sasai Money plans to expand this initiative to other high-traffic remittance markets, including Ghana, Malawi, Nigeria, Kenya, and Zambia, according to a company statement. This expansion builds on the success of the Zero Fees initiative, which was first introduced in May in partnership with Econet in Zimbabwe. Sasai Money’s parent company, Cassava Technologies, is part of the Econet Group.
Under this partnership, recipients can cash out their funds free of charge from their Airtel Money wallets, making the service particularly appealing for those relying on remittances for daily expenses. The initiative aims to close the gap between formal and informal remittance channels, which Sasai Money has identified as a significant challenge in Africa. Informal remittance channels often pose risks, including the potential loss of funds.
In 2022, Africa received $100 billion in remittances, according to the World Bank. However, Sasai Money has pointed out that the volume of informal remittances in Africa exceeds that of formal remittances, highlighting the importance of secure, official channels.
Darlington Mandivenga, CEO of Sasai Fintech, emphasized the significance of the partnership, stating, “The partnership with Airtel Money Uganda offers an important avenue into one of Africa’s largest remittance markets.” This collaboration represents a crucial step towards increasing financial inclusion and security for millions of people across the continent.
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