SMALL WORLD FS GROWS GLOBAL PAY-OUT NETWORK IN $12BN MARKETS FOR TRANSFERS FROM US AND EUROPE
London-based global money transfer operator Small World FS today announces new pay-out partnerships in 7 countries, accounting for an annual transfer market totalling $12bn (Source: World Bank Group, October 2016), predominantly for transfers from the US and continental Europe. Coverage has been extended in the Caribbean (Dominican Republic, Antigua and Barbuda, Barbados, Trinidad and Tobago), West Africa (Senegal, Ghana) and Europe (Romania).
The partnerships, which were launched in July 2017, enable Small World FS to leverage over 400 new pay-out locations as well as new home-delivery services in the Dominican Republic and Romania. The new services are aimed at strengthening Small World’s strategy of providing customers with the most choice in how to send and receive their money across the globe. These new services expand the choices offered to customers of the above countries and include cash collection and physical delivery of funds as well as direct bank deposits.
The new partnerships grow Small World’s foothold in markets that receive over $4.7bn in money transfers from the United States every year alone. Highlights include a new same-day home delivery service in the Dominican Republic, adding to Small World’s convenience offering in this important market for $3.9bn of US remittances. Further significant agreements for US money transfers include new partner locations in Ghana and in three Caribbean countries (Antigua and Barbuda, Barbados, and Trinidad and Tobago). The North American send market has been of major importance for Small World since its successful acquisition of US-based money transfer operator Choice Money Transfer in 2011.
Boosting its offer for money transfers from the European continent, Small World also added over 400 pay-out locations in Senegal. Senegal predominantly receives payments from France, with $457m sent to the West African country from there every year. Additionally, Small World increased its reach for pan-European payments via home delivery in Romania, which receives annual transfers worth $858m from Italy and $677m from Spain.
Nick Day, founder and CEO of Small World FS commented:
“While many operators only focus on one channel for transferring money, our strategy is to give our customers more choice of how they send and receive their money than any other money transfer business. This is why we continue to achieve market-leading growth in transactions by scaling up both our physical and digital reach. The new partnerships develop our physical pay-out offering for very targeted regions: The North American send market has become one of our most important over recent years, while we are also looking to strengthen our leading position in Europe further.”
Agreements for the new services have been made with the following partners:
- Antigua and Barbuda, Barbados, and Trinidad and Tobago: Laparkan Ltd.
- Dominican Republic: Caribe Express (home delivery service)
- Ghana: Women’s World Banking
- Romania: Smith & Smith (home delivery service)
- Senegal: Wari
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