Azimo, the digital money transfer company today announces the extension of its service to Switzerland and Norway, growing its potential customer-base by 13 million users*.
With this new service available in Swiss Franc (CHF) and Norwegian Krone (NOK) respectively, as well as GBP, EUR, DKK and SEK, Azimo is able to help hundreds of millions of people send money to loved ones at a fraction of the cost compared to traditional offline services.
As Scandinavia is moving rapidly towards a cashless society, digital banking and electronic payments are commonplace. Norway has already become one of the leading countries to propose using electronic money, as currently, cash is used in only five percent of Norwegian transactions. In a similar stream, Switzerland proposed banning cash payments in excess of 100,000 francs**.
Despite these innovations in the finance space, migrants living in Switzerland and Norway have still been suffering from high costs of sending money home. Money transfer costs have been astonishingly high (12% on average in Switzerland and 8% in Norway) due to a lack of competition, signaling the need for a more cost effective player to enter the market.
According to World Bank data, the combined remittances of Switzerland and Norway reaches over $62.2 million a year***, the majority of which goes to the Eurozone and Eastern Europe but also South East Asia and Africa.
The expansion of these two sender countries is part of Azimo’s significant commitment to investing in digital innovation and increase its accessibility across the globe. As a leader in online and smartphone-based money transfers, the company has built the most comprehensive network of any digital player, sending money to over 190 countries in 80 different currencies.
With mobile penetration estimated to reach 83% across Switzerland and Norway by 2019**** the need for financial services via apps will significantly increase and this new expansion from Azimo will provide services to send money, anytime, anywhere via Azimo’s mobile app.
‘Traditional money transfer providers have been over-charging customers for too long. We’re doing our best to slash prices and make sure that more of this hard-earned money gets to where it should be. We’ve seen huge success in countries such as UK and Germany and our digital platform is scalable and enables us to grow our business and provide a better service globally.’ Says Marta Krupinska, Co-Founder, Azimo.