SASAI Money Transfer represents the most cost-effective means of transferring funds to Lesotho.This innovative product, developed in collaboration with Econet Telcom Lesotho, distinguishes itself from other mobile money transfer services by charging rates ranging between 4 and 6 percent.
Oct. 11, 2023
3 min read
Econet introduces easy way to transfer cash into Lesotho
The CEO of Econet Telecom Lesotho, Dennis Plaatjies
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In contrast, most mobile money transfer services across countries charge between 10 and 20%, while banks charge between 30 and 40%.
Sasai Money Transfer is a subsidiary of Cassava Technologies, a pan-African fintech company that provides digital financial services to mobile consumers throughout Africa.
Its strategic approach focuses on disruptive innovations in the mass market, including mobile money, payment solutions, money transfers, and microinsurance.
All of its services are delivered through the Sasai Super App, a one-stop shop that is deeply integrated into consumers' lives.
Through its secure and scalable pan-African money transfer service, Sasai Money Transfer, facilitates diaspora remittances across the African continent, as well as from the UK into Africa and the rest of the world. W
It is regarded as the fastest-growing money transfer company in Africa.
Earlier this week, Sasai Econet Financial Services, a subsidiary of Econet Telecom Lesotho, announced its partnership with Sasai Money Transfer.
This collaboration will enable EcoCash customers to receive money from beyond Lesotho's borders.
The partnership will empower thousands of Basotho and other residents across the Mountain Kingdom to use a safe and secure fintech platform to receive money from their friends and loved ones in South Africa, the UK, China, Pakistan, India, Zimbabwe, Zambia, Botswana, Kenya, Uganda, Tanzania, Congo, Ghana, Somalia, and Malawi.
Additionally, this partnership will facilitate faster, simpler, and more secure cross-border payments for EcoCash customers when receiving money and making payments across these countries.
“We are excited because this partnership with Sasai Money Transfer cements our position as the Econet family in leading efforts to consistently provide cost-effective digital solutions to our valued customers across Lesotho,” said the General Manager of Sasai Econet Financial Services, ’Matikoe Letsie.
She added: “Also thrilling about this partnership is that it offers a much-needed solution to increase access to and use of remittances received by households for greater financial inclusion and investment opportunities.”
On behalf of Sasai Money Transfer, the Chief Operating Officer Lee Ann Lancaster said they aim to expand the reach of the convenient and inclusive money transfer service to a wider user base.
“We are thrilled to collaborate with EcoCash as a strategic initiative to achieve this goal. This partnership serves as evidence of our unwavering dedication to providing a secure and easily accessible platform for individuals worldwide who seek to send money to their families or invest in their home countries,” Lancaster said.
The Director of Diaspora Affairs in the Ministry of Foreign Affairs, Molefi Nyaka, noted that the critical contribution of remittances to any economy cannot be underestimated.
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"We are committed as the Ministry to ensuring that the involvement of the diaspora in the country’s economy is meaningful through initiatives such as this important partnership between Sasai Econet Financial Services and Sasai Money Transfer,” he said.
The Senior Private Secretary to the Prime Minister, Moleboheng Mokobocho, expressed her appreciation for Econet's courageous action, as the involvement of the diaspora in shaping Lesotho's development agenda and addressing urgent challenges throughout the country is a top priority for the Matekane-led administration.
Dennis Plaatjies, the Chief Executive Officer of Econet Telecom Lesotho, said: "As the Econet Group, we remain steadfast in our dedication to developing solutions and innovations that are crucial in improving the well-being of our customers."
He further remarked: "We approach the festive season with optimism, as we believe that these partnerships will facilitate Basotho abroad in easily sending money to their loved ones."