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Refugee Turned Fintech Chief Aims To Upend A $444 Billion Market. - print


Date:Saturday, June 10 @ 10:13:59 UTC


http://media.gettyimages.com/photos/ismail-ahmed-founder-and-chief-executive-officer-of-worldremit-ltd-picture-id680567464https://wargeyskasaxafi.files.wordpress.com/2016/08/pic2.jpgRefugee, economist, whistle-blower, entrepreneur -- Ismail Ahmed has played many roles in his odyssey from war-torn Somalia to London’s fintech frontier.








http://fintechroundup.com/wp-content/uploads/2016/10/world-transfers.png
Refugee, economist, whistle-blower, entrepreneur -- Ismail Ahmed has played many roles in his odyssey from war-torn Somalia to London’s fintech frontier.

But one event stands out: In February 2010, he used a $200,000 settlement from the United Nations to start online money-transfer company http://lh3.ggpht.com/_7wsQzULWIwo/SwAJwMp6MvI/AAAAAAAACLo/GSy0Zuv8tG4/green%5B4%5D.gif?imgmax=800WorldRemit Ltd. It has since raised more than $145 million and today sends cash to 142 countries.
This week, WorldRemit plans to connect its service to Android Pay, the digital wallet owned by http://lh3.ggpht.com/_7wsQzULWIwo/SwAJwMp6MvI/AAAAAAAACLo/GSy0Zuv8tG4/green%5B4%5D.gif?imgmax=800Alphabet Inc.’s Google. That will make it easier for its 2.4 million customers to send money with just a couple of taps and take Ahmed a step closer to becoming a force in modernizing the way $444 billion a year in remittances are sent to developing economies.

“What we’re seeing is a convergence of payments, messaging apps, telephony and remittances,” says Ahmed, 57, sitting in a bustling office in the shadow of London’s Westminster Abbey. “The shift from the informal to the formal, from cash to cashless, is where we want to be.

Since 2011, the number of people using digital cash on smartphones to collect wages and pay bills has jumped fivefold to more than 500 million accounts in almost 100 nations, according to GSMA, a London-based trade group. Sending mobile money internationally costs less than 3 percent per transaction, about half what traditional transfer firms charge. The cash materializes in recipients’ mobile phone accounts in minutes, and they don’t need banks to use it.

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http://rs1222.pbsrc.com/albums/dd488/SoldierByte/animated-gifs-arrows-09.gif~c200https://www.bloomberg.com/news/articles/2017-05-09/refugee-turned-fintech-chief-aims-to-upend-a-444-billion-market


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