The Canadian company Squares Union, co-founded by African entrepreneurs from Canada, announced that it has signed a partnership agreement with the Wari platform, to deploy its remittance services from the African diaspora to more than 25 country of the continent.
“With Wari, we have three high added value points: the flexibility of disbursement players, the consolidation of the Squares Union brand’s reputation among diaspora customers, and effective customer service on the African continent,” said Freddy. Noumeyi (photo), the Vice President in charge of operations at Squares Union.
Concretely, the two partners aim, in the end, to provide a quick disbursement solution on the African continent through nearly 4500 wickets, associated with 26 African banks.
The transfer market from the African diaspora has seen new players in the FinTech sectors come into play and make a serious competition with the traditional operators such as Western Union and Moneygram.
Few details were provided on the financial terms of this agreement. But at Squares Union, we learn that the initiative is only a “step towards the final project that will consist, to provide bill payment solutions by nationals of the diaspora, for services and goods obtained in Africa. “.
The challenge of this type of initiative, however, remains the slow pace of regulation, particularly in the economic zones covered by UEMOA and CEMAC. In both of these subregions, money management policy is highly dependent on the pursuit of stability. A goal that drives a lot of caution on financial transactions with the international.