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Lowering cost of money transfer in Africa [Business Africa]

Moving legal money within Africa is becoming a huge challenge for residents on the continent. The multi-billion dollar industry is fraught with hurdles including inefficiencies in processes and high fees charged by money transfer companies.

A move to check money laundering and funding terrorists has up administrative costs. But this means, millions of people sending legit money have had to bare the brunt. The World Bank says remittances cost almost 10 percent of payment amount. In 2018 alone, …

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