Start US to Ghana Money Transfer Business
Ghana is the second most populous country in West Africa after Nigeria, with a population of over 31 million people. According to World Bank data, the GDP of Ghana was $77.59 billion in 2021. The vibrant Ghanian diaspora in the US, driven by the pursuits of better economic opportunities, contributes significantly to the nation’s ecomomy through remittance.
There were approximately 325,000 Ghanaian immigrants and their descendants living in the United States. Ghanaian diaspora in the US plays an important role in supporting Ghana's economy through remittances. Infact remittances accounted for 4.4% of Ghana's GDP in 2020.
Ghana stands as one of the top remittance-receiving countries in Sub-Saharan Africa. In 2020, it ranked second after Nigeria, with remittances accounting for 4.4% of its GDP. The United States alone contributed a staggering $3.6 billion of the total $3.8 billion received. These remittances are especially vital for rural households that rely on agriculture as their primary source of income.
Local Ghanaian Champions in Money Transfer
Inevitably, there are many companies - international and local alike that provide money transfer services to the Ghanaian diaspora. We have listed some of Ghana’s homegrown companies that provide money transfer services.
Zeepay: A versatile digital financial services provider, offering mobile money, bill payments, airtime, and direct remittance services to Zeepay Mobile Money Wallets.
ExpressPay : A fintech company with a vast network of agents in Ghana, enabling remittances from the UK, bill payments, and mobile money transfers.
Unity Link Money Transfer : It offers international money transfer services from the US, Canada, and other countries to Ghana.
Senditoo : The company provides an online platform for sending international mobile top-ups, airtime, and data to family and friends around the world. It allows customers to send mobile credit to over 140 countries and supports over 400 mobile operators globally . Customers in the US can use the platform to send mobile credit or data to their family and friends in Ghana
G-Money: provides mobile money transfer services for customers in Ghana that enables users to send and receive money, pay bills, and make purchases using their mobile phones is a subsidiary of the GCB Bank, one of the largest commercial banks in Ghana.
Hubtel: A payment platform that enables businesses to accept mobile money payments from customers in Ghana and offers an e-commerce platform and logistics services.
5 Money Transfer services with Machnet’s API
US to Ghana money transfer industry presents significant opportunities for businesses and entrepreneurs who can develop innovative, cost-effective, and customer-centric services. And Machnet API enables you to do the same. You can build range of services like the ones listed above with Machnet’s API. For instance
P2P Remittance: A simple money transfer app that allows US Ghanian Diaspora to send money back home to family and friends.
Bill Payments: Enable Ghanian diaspora to pay for electricity, internet, education, hospital or any other utility bill for their family in Ghana, directly from the states
Mobile Top-up/ Airtime recharge: Allow customers to top up mobile and recharge their airtime from US.
E-commerce platform : Enable US customers to directly make purchases in Ghana.
Digital wallets or mobile app: Allow users to store payment information and make transactions, including US to Ghana payments.
If you are looking to build one of the above or have a different idea for US to Ghana money transfer service, get in touch with us.