BOSS Money expands into Francophone Africa

Global fintech company IDT Corporation has announced the expansion of its BOSS Money app into Francophone Africa.

The remittance service is expanding into Senegal, Côte d'Ivoire, Cameroon, and the Democratic Republic of Congo (DRC).

BOSS Money enables customers to store, send, receive, and exchange currencies on their phones domestically and across borders in Africa and also enables direct receipt of remittances from senders in the US.

"We’ve tailored the BOSS Money app specifically to meet the pressing need among the unbanked for a cross-border transaction platform in these [Francophone] markets," BOSS Money Africa CEO Nat Robinson said about the expansion.

BOSS Money is already available in Rwanda, Ghana, Kenya, Uganda, Tanzania, and Zambia and is now expanding to more countries in West and Central Africa. BOSS Money is available on smartphones via the app, and feature phones via USSD short code.

"The BOSS Money app aims to redefine the financial transaction landscape for individuals and small businesses in Francophone Africa, offering innovative solutions tailored to the unique needs and aspirations of the local communities," the company said.

BOSS Money is expanding into Francophone countries Senegal, Côte d'Ivoire, Cameroon, and the Democratic Republic of Congo. (Source: BOSS Money.)

By leveraging fintech and expertise in local financial markets, the money transfer app is aiming to improve financial inclusion and economic empowerment in the region.

"Our goal is to empower individuals and businesses with convenient, secure, and affordable financial services across Africa, enabling them to thrive and build a brighter future," added IDT Regional Director of Operations Grace Anyetei.

In 2022, fintech company Leaf was acquired by IDT Corporation and Leaf's blockchain-based digital wallet functionalities are now available through Boss Money's mobile app and USSD features.

Africa's remittance market keeps growing

Africa's remittance market continues to grow with numerous apps popping up across the continent offering money transfer solutions for local users and for the African diaspora abroad to send money to friends and family on the continent.

Cross-border payment solution LemFi launched in Kenya in June 2023, and is now in ten African countries including Ghana, Nigeria, Uganda, and Cameroon.

Ghanaian fintech Zeepay expanded into Zambia in January 2023 and South African fintech Mama Money expanded its cross-border money transfer and banking services to Malawi and Zimbabwe in February 2023.

In June 2023, Swiss fintech company Centi, and global digital cash wallet Centbee, joined forces to allow money transfers from Switzerland to Africa using blockchain technology.

Ugandan fintech app Eversend also offers money transfers for Africans in the diaspora; as does Tanzanian payments company Nala and a number of other companies like WorldRemit, Sendwave and Remitly.

Africa's fintech market continues to grow with numerous apps offering cross-border money transfer solutions. (Source: Image by garetsvisual on Freepik.)

Jawudi Founder and CEO Rahim Diallo joined the Connecting Africa Podcast last month to talk about plans to use 20% of the profits from its remittance service to launch a fund that will invest in startups across Africa.

SendSprint Founder and CEO Damisi Busari also joined the podcast last November to talk about the company's money remittance and gifting solution, which offers a $5 flat fee for all transfers.

Want to know more about mobile financial services in Africa? Check out our dedicated Fintech content channel here on Connecting Africa.

Chipper Cash is one of the biggest players, with over 5 million users across 21 African countries. It expanded into South Africa in September 2021, and in November 2022 announced plans to add Zambia through the acquisition of Zoona Transactions International.

Earlier this year, Western Union's Global Money Transfer Index highlighted that although Africa's remittance inflows and outflows continue to grow, consumers have been hard hit by global cost-of-living increases and are looking for more affordable digital transfer innovations in the future.

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*Top image source: Image by drobotdean on Freepik .

— Paula Gilbert, Editor, Connecting Africa