TimesofMoney, the India-based digital payment system, is set to launch its online remittance and money transfer solution in Tanzania
The move by TimesofMoney, which is based in Mumbai, forms part of the company's expansion plan in Africa and will allow Tanzanians to receive money directly into their bank accounts from anywhere in the world.
"We tied up with Diamond Trust Bank in Kenya recently to offer these services to NationHela users," Avijit Nanda, TimesofMoney's chief executive officer, was quoted as saying by Tanzania Daily News.
"Tanzania is the next key market where we would like to tie up with banks to offer our remittance services to people living in the diaspora and sending money back home to their families."
According to Tanzania's Ministry of Foreign Affairs and International Cooperation, over two million Tanzanians live and work in different countries around the world.
The World Bank estimated that their remittances last year totalled US$75mn.
TimesofMoney aims to enable Tanzanians living abroad to simplify and speed up the process of sending money online to relatives and friends at home.
