YallaXash, a remittances transfer fintech, is growing its network in West Africa by creating new corridors in Côte d’Ivoire and Senegal. This was accomplished in collaboration with ATPS, a subsidiary of M2T that operates under the Proximo and Atlantique Cash brands and has over 10,000 distribution sites in West Africa.
This is the first step in the company’s expansion strategy, which includes integrating its solution into the entire network of its partner ATPS, specifically in Niger and Mali.
With the establishment of these corridors, YallaXash can now give its North American customers the capacity to transmit payments to West Africa in addition to Morocco, which has been operational since 2019.
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YallaXash had previously raised 6 million dirhams from Maroc Numeric Fund II (MNF II) in June 2021. Encouraged by its accomplishments, MNF II has made an additional investment of 4 million dirhams, allowing YallaXash to fund its ambitious development plan.
The software is free to download on Android and iOS, with withdrawal costs starting at $0.99 USD. To make a transfer, the sender must first create an account on the app and top it up directly with his bank account information. After topping up the account, the sender can select the amount to transfer to the recipient and the channel through which the money will be received. The money is available to the beneficiary in 30 seconds if he chooses cash withdrawal or a mobile wallet. If he selects bank transfer, the beneficiary will receive the funds within 48 hours.
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YallaXash’s current network is multi-channel. It consists of over 12,000 physical points distributed by various partners (Chaabi Cash, Barid Cash, Damane Cash, and Proxicash/Atlantique Cash), as well as bank branches of the Banque Centrale Populaire, Al Barid Bank, and Bank of Africa, as well as the Chaabi Pay wallet solution.
YallaXash Côte d’Ivoire Senegal YallaXash Côte d’Ivoire Senegal
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh