There are many ways Africans in the West can send money home to their loved ones, friends, and family.
The platforms that are explicitly used for this purpose have been growing, but there is a good reason for it: payments and remittances firms have a lot of users and are likely to be backed by VCs that have a lot of funds at their disposal.
It is for this reason that there aren’t many tech organizations that go beyond payments, e-taxi services, or any other form of tech offerings that don’t have assured returns in terms of revenues.
That aside, there is yet another new way that folks in the US can send money to Africa now.
It is named Sendsprint and has since launched its service.
But how does it separate itself from the competition? Well, before we get there, Sendsprint and Africa’s leading payments corporation, the USD 3B-valued Flutterwave are partnering in this venture.
However, other than targeting the entire continent for remittances, Sendsprint, for now, will, besides allowing funds transfers, partner with more than 3K retailers in SA, Kenya, and Nigeria.
Sendsprint will also be connecting recipients with the credit for day-to-day purchases such as healthcare and groceries that you can get from a retail store next to you.
And what’s the plan? Well: In the first 18 months, Sendsprint is targeting 300,000 UK customers.
The UK launch represents the first step in Sendsprint’s international expansion plans as it looks to expand into the United States and Canada in the coming months, says a statement from Sendsprint.
Sendsprint will also offer a flat fee experience of $5 (approx KES 600) for money transfers as opposed to a sliding scale from other providers, favourable exchange rates with real-time transaction monitoring, and 24/7 customer service support.
But there is a gifting product, right? It is called Sprint Connect and has been built for Africans living abroad.
Now, Sendsprint will partner with retailers such as Shoprite, Game, Jumia, Filmhouse Cinema, St Nicholas Hospital, and Healthplus pharmacies among others, which will enable users to send gift cards to recipients in Africa, for day-to-day purchases such as groceries, fashion and beauty products, and healthcare.
SendSprint’s product offering is enabled through a strategic partnership with one of Africa’s leading payments companies, Flutterwave, to facilitate cross-border remittances for the startup. SendSprint became incorporated in April and the company has established the UK as its international headquarters with a presence in the US and Nigeria. SendSprint has also applied for the necessary licensing through a regulated entity – says a statement from Sendsprint.
“We understand the connection that people have with their home countries and the importance of sending money and gifts home to support loved ones. Sendsprint is about connecting the African Diaspora to loved ones at home by enabling fast, simple, and hassle-free international transfers, as well as an innovative gifting experience. This is a product for the African Diaspora, by the African Diaspora. All of us at SendSprint understand the multiple demands that Africans living abroad lead. Our service recognizes and reflects this,” said SendSprint’s UK launch, CEO Damisi Busari.