PayRem announces entry into Ghana’s eCommerce, digital money transfers space

PayRem Inc, a financial services company, specializing in cross border remittances and payments with a focus on providing an ecosystem services across the world, is expected to launch its modern transfers digital platform in Ghana next month.

The company, which is in collaboration with a Canadian company, QE24 Group Incorporated, is a mobile money transfer and payment services that will allow users to transfer money to one another using a mobile phone app, as well as making an instant payment to a personal or business account.

When launched in the country, the platform will also offer users a virtual wallet/virtual bank account which allows instant financial transactions between users.

Andre Bouassa, founder and Chief Executive Officer (CEO) of PayRem, who spoke to GhanaWeb’s Business Desk through a zoom conference recently, said the company decided to enter the Ghanaian eCommerce and digital money transfers space because of its good business environment created by the government.

According to him, PayRem, with its headquarters in Raleigh, North Carolina (USA), will inject millions of dollars into its operations at the beginning and the amount would be increased from year to year.

He said, “My vision for PayRem was strengthened by the coronavirus pandemic that ushered in the coronavirus era, which highlighted the importance of mobile and electronic money transfers and digital payments; sadly COVID-19 has further identified risk of handling or using cash money.”

He added: “Our focus on Africa aimed at resolving some of the challenges in an environment that we live and understand better than our competitors. Using technology to resolve payments between African countries and markets. We are Africa-centric in the money Transfer ecosystem.”

Bouassa, who is also the brain behind the coming of PayRem into Ghana and CEO of World Class Business Development Company in Ghana, described PayRem as a licensed electronic payment service provider in Ghana that will offer a wide range of electronic solutions in achieving cashless transactions.

According to him, there is a growing trend for commerce to evolve beyond person-to-market to person-to-person exchange across countries. The service allows users to request and transfer cash money to another account via its app across the continent.

“Our focus on Africa is resolving some of the challenges in an environment that we live and understand better than our competitors — using technology to resolve payments between African countries and markets. We are an Africa-centric in the money transfer ecosystem,” he said.

For his part, Bill Sandy, a Liberian based in Canada, said, PayRem chose Ghana because of the favourable and good business climate. According to him, PayRem is for businesses and families both in and out of Ghana.

Mr. Sandy is currently PayRem’s Regional Director of West Africa, as well as President and Chief Executive Officer of QE24 Group Canada incorporated.

Mr. Bouassa stated that the collaboration was necessary and would enable the two companies to enter Africa’s financial markets with digital, efficient, lowest charge rate, robust, secure electronic payment system money transfer technology.

PayRem is also coming into the Financial Market with the newest technology called FinTech.

This technology will help check hackers who hack into the financial systems of the financial institutions in the country.

It will be operating with biometric and acoustic systems that will give clients one’s personal data, meaning that one’s data is in one’s pocket and is protected.

PayRem is currently operating in over 100 countries and still counting.