By Delisha Fernandes
Cross-border payment in Africa Fintech Banking
Thunes, a cross-border payments infrastructure company, and Rawbank, a bank in the Democratic Republic of the Congo (DRC), announced a partnership to facilitate cross-border transaction flows between the Democratic Republic of the Congo and the rest of the world via Illicocash.
By partnering with Thunes, Rawbank is now the first financial institution in the DRC to enable outgoing and incoming cross-border mobile money transfers via its illicocash mobile wallet.
“Given the DRC’s severely underfunded population and high mobile penetration rate, this new service is a critical development,” said Karim Nouri, Fintech Director Rawbank. “High fees, slow speeds and unreliability often affect existing cross-border mobile money transfer methods in the DRC. Now a family in Kinshasa can easily send money to their child studying abroad in real-time via illicocash mobile wallet, and the student can receive their money instantly.”
Nouri added, “Being the first institution to enable inbound and outbound mobile transactions via Illicocash is an important milestone for us.” Many Congolese living, working or studying abroad are on funds from loved ones at home and we are pleased that Thunes supports this service for us. We look forward to expanding our solutions through Thunes global network and connecting our users to the world.”
The integration with illicocash also allows Thunes network partners to pay seamlessly into the DRC, creating a new direct connection to a previously difficult-to-reach market. Customers of Thunes global network partners can now transfer money instantly and securely to their beneficiaries in the DRC via the illicocash mobile wallet, with up-front transparency on costs and proof of receipt.
“Our partnership with Rawbank enables the first mobile wallet in the DRC, sending and receiving funds globally. This represents a significant milestone for beneficiaries who rely on such money transfer services to fund their daily lives. We are pleased to take another step toward our long-term goal of increasing access to the world’s fastest growing economies,” said Sandra Yao, Thunes Senior Vice President (Africa).
Previous Article Adyen Launches Payout Services to Accelerate Global Payments. Read more
Daily news analysis from IBSi
June 02, 2023
The Weekly Wrap: Everything you need to know by Friday COB | June 2 Read more
IBSi FinTech Journal
The most trusted FinTech journal since 1991. Digital monthly edition. Over 60 pages of research, analysis, interviews, opinions and rankings. Global Reporting. Subscribe now