No-fee instant money transfer service Taptap Send launches from the UK to Zambia
Taptap Send, a new app-based money transfer service, has launched from the UK to Zambia, providing UK-based Zambians the opportunity to send money to MTN mobile wallets instantly without paying a transfer fee.
The UK Zambian diaspora sends an estimated seven million pounds to Zambia each year. The World Bank has found that the average fee to send money to Sub-Saharan Africa is 9.1% of the amount sent, meaning that nearly £1 out of £10 sent back to Zambia never reach the recipient. Taptap Send and other modern money transfer services are working to lower these high fees for the benefit of Zambians abroad and their recipients back in Zambia.
The Taptap Send app has proven very popular with Zambians in the UK already. Recipients receive their money on MTN mobile money wallets. Mobile money usage in Zambia has grown exponentially over the past few years given greater access to financial services for the unbanked. Recipients in Zambia can withdraw mobile money in cash at a mobile money agent or use it to pay bills and top up airtime.
Taptap Send is currently available for download on the Google play store, and will be rolled out to IOS users on July 30.