Biography Of Ismail Ahmed (Age , Net Worth , Wife) - WorldRemit, a cross-border digital payments startup run by Somali billionaire Ismail Ahmed in London, has claimed that it anticipates the reopening of schools to enhance diaspora remittances to Kenya, owing to an increase in financing assistance supplied by Kenyans living abroad to their families back home.
According to a recent poll performed by the Ahmed-led business, education and health remain the most popular reasons for Kenyans living abroad to send money home, with the US acting as the key market source.
The current rush to pay school fees is likely to boost inflows this week, with more than Ksh40 billion ($338.4 million) expected monthly.
Ismail Ahmed
The new announcement by the top cross-border digital payments provider followed a 4.4 percent drop in inflows in May as inflation hit people in several nations, with Kenya having the highest in two years, at 7.9 percent.
“Prior to the March bounce, remittances were down 5% in February compared to January.” “As schools reopen, we anticipate more inflows as family and friends in the diaspora continue to help those back home,” WorldRemit’s management remarked.
According to the worldwide corporation, digitisation continues to be a primary driver of remittance service growth, with considerable improvements observed since the pandemic’s beginning.
According to the firm, “digital services are proving to be less costly, more secure, and more convenient for both senders and receivers.” It went on to say that “innovation and customer service remain a fundamental difference for service providers.”
WorldRemit, started in 2010 by Ahmed, Richard Igoe, and Catherine Wines, has evolved from a modest startup that facilitates payments into a cross-border digital payments service that provides international money transfer and remittance services internationally.
The international customer base of the cross-border digital payments company has risen to more than 5.7 million as technical innovation and adoption have pushed the acceptability of cross-border transfers and payments.
According to Bloomberg, the globally famous fintech business WorldRemit is looking to earn $5 billion in capital ahead of a potential IPO.
WorldRemit is a cross-border digital payments network that offers international money transfer and remittance services in more than 130 countries and 70 currencies.
Somaliland-born British multimillionaire Ismail Ahmed, Catherine Wines, and Richard Igoe co-founded the London-based fintech business in 2010. It initially appeared in Somaliland.
According to media reports, anonymous insiders disclosed that the business is in negotiations with investors about the new fundraising round, albeit the agreement has not yet been finalized and the conditions may alter.
Nonetheless, an IPO might take place as early as 2022.
Since the advent of WorldRemit in Somaliland*, diaspora remittances have increased dramatically in the dysfunctional state, which is highly reliant on money received from outside to maintain its economy.
By 2020, the government had seen a 15% increase in diaspora remittances, totaling $1.3 billion.
Through his Sahamiye Foundation, Ahmed announced a $500 million (Sh54.2 billion) fund in April to help education, healthcare, and infrastructure development in Somaliland.
The fintech firm stated at the time that the program will assist Somaliland in moving away from “conventional donor finance patterns and toward a more entrepreneurial, scale-up approach.”
The Sahamiye Foundation has offices in London and Hargeisa, Somaliland’s capital.
Since its inception in 2010, WorldRemit has evolved to become a well-known brand across the world, notably in Africa. It has almost 5.7 million customers.
For Ahmed, establishing WorldRemit was the conclusion of his 20 years of expertise in the money transfer sector and roles with multinational lenders.
WorldRemit, a cross-border digital payments company established by Somali billionaire Ismail Ahmed in London, has grown its global customer base to more than 5.7 million as technology innovation and adoption pushed the acceptability of cross-border transfers and payments.
WorldRemit, which Ahmed, Richard Igoe, and Catherine Wines co-founded in 2010, has grown from a modest startup that facilitates payments to a cross-border digital payments service that provides international money transfer and remittance services internationally.
Ahmed needed to send money home to his family in East Africa as an international student in London in the 1980s. Every move, he claimed, required a lengthy journey to an agent who wanted high costs.
He chose to make a difference in the financial services business by building a payment platform that allows users to send money online to family and friends using a computer or smartphone in order to solve the present problem while also creating value.
Under Ahmed’s leadership, WorldRemit has served 5.7 million people in 130 countries, employing 70 different currencies. The company is currently known as Zepz, formerly known as WorldRemit Group.
Zepz is a digital cross-border payments platform that operates two market-leading brands, WorldRemit and Sendwave, as well as another cross-border payment platform permitted to send money in the United States, Canada, the United Kingdom, and the European Union.
Sendwave was bought in 2021 in order to expand its position as a top payments platform.
By the end of 2021, Zepz has raised $292 million in new primary investment, giving it a $5 billion valuation as it tries to disrupt the $1 trillion peer-to-peer cross-border payments market.
Zepz will be able to continue investing in its technology, platform, and client offering as a result of the funding round. As a result, WorldRemit will be able to penetrate new business sectors and expand its platform to deliver more value-added services to its consumers.
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