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WorldRemit's continuing trials

Author: 
Editorial Staff

Not so long ago, WorldRemit, a subsidiary of one of those companies with really, really stupid names (in this case Zepz) made a series of announcements. But the 12 year old company seems to be in a less than positive place.

As of the time of writing, this has been the Login page for World Remit's website. Links to the login page do not work, at least when we try them.

BankingInsuranceSecurities.com's attempts to contact WorldRemit via Twitter and LinkedIn have produced no response. There is no enquiry form immediately visible on the website.

In July this year, pyments.com reported that Zepz was "reportedly putting its planned initial public offering on hold while it focuses on profitability amid management turnover and alleged account issues." Headquartered in the UK, the company, at its peak, provided international currency transfers to or from more than 100 countries.

But from time to time its services have run into trouble. In 2019, the company abruptly ceased transfers to bank accounts in Malaysia and when asked why provided only the vaguest of responses. The service was later restored.

The company's "Live Updates" page (https://www.worldremit.com/en/...) has not been updated since 12 September, a date on which it announced the latest in a long line of service terminations.

Some, such as the decision by MTM in Ghana that it will no longer accept credits to business accounts and the decision by Australia's Westpac group that it will not permit its customers to credit WorldRemit using the POLi service. POLi is an Australian funds transfer business operated by Australia Post.

This year alone the following restrictions have been applied:

Namibia: transfers not available (suspended)
Russia: transfers not available (suspended)
Singapore: outbound transfers not available (terminated)
Hong Kong: outbound transfers not available (terminated)
Somaliland: outbound transfers not available (terminated)
Uganda: outbound transfers not available (terminated)
Senegal, Côte d’Ivoire and Burkina Faso: outbound transfers not available (terminated)
UAE: outbound transfers not available (terminated)

On 27 September, 2022 a media release (here: https://www.prnewswire.com/new...) said "In core African markets, WorldRemit saw 35%+ year over year volume growth. In core Asian markets, year-over-year growth is over 20%. "

The release also said "Zepz Group today reported 67% revenue growth in 2021 (from USD238M in 2020 to USD399M in 2021). The same release also said "H1 2022 has seen Zepz reach profitability while continuing to drive strong growth."

Less than three days later, its web login was inaccessible and as of the time of writing remains so.

That's a challenge for the new members of the board including Robert Mitchell who was appointed as Chief Financial Officer only last week. Zepz said "Based in New York, Robert's expertise in running scaled global payments, credit and financial services operations makes him ideal to help enable the future growth of Zepz."

Zepz group includes Sendwave, which it acquired in 2021. Also in 2021 the group raised USD292 million.

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