Maico partners with Dahabshiil to leverage global money transfers
Maico Money Transfer, a Rwandan Fintech startup has entered a partnership with Dahabshiil, another cash transfer firm, with the former becoming the global unicorn’s first agent in the country.
Through the partnership, Maico will expand its current network by gaining access to Dahabshiil’s payout branches scattered across more than 120 countries around the globe.
Headquartered in Dubai, the billion-dollar Dahabshiil boasts nearly five decades of expertise as an international funds transfer company.
It has been on the Rwandan market for and twelve years.
“We are happy for this partnership with Dahabshiil that enables us to expand our network where our clients can now send and receive money in more than 140 countries,” said Innocent Higiro, CEO of Maico Money Transfer.
With China as the major market currently, Maico has developed its own product known as Rapidocash for payment of school fees and business transactions via bank deposits and WeChat application.
“Partnering with Maico Money Transfer is an expansion of our footprint,” said Mustafe Sheikh Adan Amin, Managing Director of Dahabshiil in Rwanda.
“The partnership expands the accessibility of money transfers in a time where people are not able to travel as easily as before and have to do a lot of business remotely or support family members who are living across the globe.”
Dahabshiil is currently the leading money transfer service in the country.
Mustafe noted during the event that working together with Maico will bring the Rwandan diaspora, whom the partnership is targeting, closer to the company.
Higiro revealed that the company is edging talks with MTN Rwanda to integrate the telco’s mobile money service.
The move is expected to drive financial inclusion further by enabling people in Rwanda to receive or send money abroad using mobile money, the most popular digital payment system in Rwanda and in Africa.
Beyond money transfer, Maico also provides foreign exchange services and digital payment solutions among others.