Morocco: Yalla Xash allows instant international transfers

By : Adoni Conrad Quenum

Date : lundi, 14 novembre 2022 12:41

It is sometimes challenging to send money to relatives in Africa because of the high fees charged by transfer companies. The situation has improved in recent years, with tech entrepreneurs developing innovative solutions to address the issue.

Yalla Xash is a fintech solution developed by a Moroccan eponymous startup. It allows users to quickly send money to Canada, Senegal, and Côte d’Ivoire, via its mobile app.

Using its mobile app -Android and iOS apps, registered users can send funds, which will be available for withdrawals in cash within 30 seconds. For bank transfers, it takes a max of 48 hours to clear.

The startup claims its withdrawal fees, which start from CAD1.99 (US$1.5), are up to six times lower than the competition. It always sends SMSs to notify recipients of incoming transactions and the details of the specific transactions. Also, once the funds sent are withdrawn it sends SMSs to senders informing them of the successful withdrawal.  

Currently, PlayStore data shows its Android app has been downloaded more than 5,000 times. After the Covid-19 pandemic, it recorded a 35% rise in transaction volume and is steadily gaining ground in Africa. It has over 4,300 pickup points in Morocco. In June 2021, it announced the raise of MAD6 million (US$560,000) from the Maroc Numeric Fund, which was seduced by its solution and social impact.  

Adoni Conrad Quenum


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