The Business Platform

The Remittance Industry

International remittances are a major and stable source of income for people in many developing markets. Millions of people in developing countries receive remittances from friends and family abroad, representing billions of dollars that pour into the pockets of individuals and communities in need. According to the World Bank press release of April2015, the flow of remittances is expected to increase by more than 4%; reaching $610 billion in 2016, and $636 billion in the year 2017.

Although ‘North-South’ remittance flows are the largest, a significant portion of such flow is sent from within Africa. The majority of remittances in many Sub-Saharan African countries are processed through informal channels, such as transport companies and Hawala systems. While informal channels are more affordable, users face substantial security risks, complex and lengthy transaction processes, and non-transparent price structures.

In relation to above facts, TMT has embarked on a strategy that fosters the need for speedy and secure services, with reasonably reduced costs that are constantly aligned with prevailing market situations. Our service manner and network-stretch is designed to accommodate a broad spectrum of public and private institutions from all over the globe. Kenya having consolidated its status to be the business hub for East and Central Africa, we at TMT are committed to be part of such Pride.