United Nations recognise Azimo as one of the best valued and most comprehensive money transfer services
United Nations recognise Azimo as one of the best valued and most comprehensive money transfer services; Fin-Tech start-up Azimo recognised by the UN as a major player in the global remittance market
The week after Azimo announced a $20 million Series B funding round*, the London-based digital money transfer service has been recognised by the United Nations as one of the most comprehensive and best value money transfer companies in two of Europe’s largest markets: the United Kingdom and Germany.
Azimo recently announced it has built the most comprehensive network of any digital player, sending money to over 200 countries worldwide, reaching five billion people in over 80 different currencies.
According to the IFAD report the UK sends over US$17 billion in remittances to developing countries with Nigeria its main corridor. Additionally, fifty percent of flows go to six Asian countries: India, Pakistan, China, Philippines, Bangladesh and Sri Lanka.
More than 3.5 million remittance transfers are sent from Germany to the developing world every year, amounting to over US$14 billion. Poland is the main EU recipient of remittance flows from Germany with Lebanon, China, Vietnam, Nigeria, Serbia and Thailand among other major recipients of Germany’s flows.
According to IFAD, “It is particularly in the poorest and most rural countries where remittances can ‘count the most’ it is on the receiving end that remittances are perceived as anything but ‘relatively low value’”.
Remittances not only increase financial resilience for the poorest of the poor but also offer opportunities towards financial independence.
Azimo founder and CEO, Michael Kent said: “We are big supporters of the works that the UN, IFAD and the World Bank are doing to bring more competition and lower pricing to the global remittance market. It’s great to be recognized by them as one of the best value money transfer companies in the UK and German markets.The most important thing is by cutting out the high cost high street value chain we are able to offer the world’s migrants a great deal – ensuring more of their hard earned cash reaches family and friends rather than lining the pockets of the high cost legacy players.
“When you see the stats laid out in front of you, it highlights the stark discrepancies between money transfer rates. We hope this IFAD report will help those using money transfer services by giving a clear breakdown of the options available to them. And, of course, we’re pleased to see Azimo recognised as one of the best options for UK and German customers,” concluded Kent.