The fintech Spoko.app, operating on the money transfer market, is focusing on expanding in African and Asian countries. The technology company already offers services in Nigeria, Ghana, Senegal and Cameroon, among others, and intends to strengthen its position in countries such as India, Cote d'Ivoire, Indonesia, Malaysia, Vietnam and Pakistan. Spoko.app is conquering the market and at the same time reducing the cost of transfers, which in Africa are among the highest in the world. The company is also utilising the high development potential of online money transfer markets in Africa and Asia.
Low transfer costs are not only about attracting new customers. Low-cost remittances also help support national economies. Many poor families live largely from migrant resources. Thanks to their support, local people can maintain a higher standard of living and purchase more goods and services provided by local businesses.
Large sums transferred to Africa
The number of local fintechs on the continent with whom you can establish cooperation and expand the product offer is also increasing. The future success of the market will depend on the construction of the appropriate infrastructure and the implementation of policies supporting the mobile population. From an infrastructure point of view, Africa has rapidly embraced mobile technologies and digital wallets. There is also growing collaboration and partnerships between money transfer operators, mobile operators, banks and fintechs to improve the transfer infrastructure and maximize the potential of digital technologies.
Africa has one of the most mobile populations in the world, and countries on this continent constitute a significant and growing part of the global money transfer market. In recent years, the number of migrations in Africa has increased rapidly, driving the increase in cross-border transfers. In the long run, migration transfers from Africa are expected to increase significantly due to the income gap, rapidly growing working-age population and climate change
says Maksym Mykhailovskyi, head of Marketing at Spoko.app.
Maksym Mykhailovskyi
Asia also has potential
Africa and Asia have great potential for growth in the coming years. Both continents are already significant players on the money transfer market, but there are a number of factors that make us look at these areas with great optimism in terms of the value of transfers. There has been a belief that rich western countries are the best markets for fintech services, but it turns out that countries generally perceived as less developed, due to the fact that they are in the phase of dynamic economic development, are a great opportunity
adds Maksym Mykhailovskyi.
Expansion must be done carefully
One of the biggest challenges for global market participants is the lack of freedom in transfer methods. Users expect that they will be able to transfer funds from anywhere in the world without worrying about the method of transfer, regardless of what tool the person sending and receiving the funds has. Spoko.app is regularly introducing new payment systems, such as Klarna, Trustly and Giropay. The same applies to Apple Pay and Google Pay, which are in the final stage of integration.
In the coming years, Spoko.app wants to be the market leader in Africa and Asia to help expats around the world financially support their families with immediate money transfers.
About Spoko.app
Spoko.app is a Polish-based fintech that operates globally. Spoko.app is changing the market for international instant money transfers. It is one of the fastest growing companies in the financial industry in the world. Spoko.app wants to help millions of people around the world transfer money in a simple, convenient and reliable way. Regardless of the country from which users want to send money, thanks to Spoko.app they can always do it in the way they prefer - using local payment methods. Spoko.app works transparently, its users know the transaction costs immediately. The fees and exchange rates offered by Spoko.app are among the lowest on the market. Spoko.app is also a trusted partner for financial institutions and telecommunications companies and can provide them with solutions that enrich their basic offer.