The move ended deepening mobile money transfer amid the outbreak of Covid-19, will see WorldRemit customers pay a flat fee of 1 dollar in all transactions effective immediately.
The Remittance firm has been charging customers a transaction of 1.99 dollar for customers transacting 100 US dollars and 2.99 dollar for customers transacting 200 US dollars to friends and relatives.
Those sending 1000 US dollars have been parting with 5.99 in transaction fees.
WorldRemit handles about 34 percent remittance to popular mobile money services across Africa such as MTN, mPesa, EcoCash, Tigo Pesa, Zaad EVC and E-Dahab, making it global leader in mobile money international money transfers.
For Somaliland, Somalia and Africa, remittances are source of Forex.
Remittance from overseas diaspora constitutes vital part of the economy of many developing nations.
Two million Somalis living in overseas send an estimated 1.3 million US dollars back home every year.
In Somalia, there was no banking system prior to the Somali transitional government.
Most of the diaspora use remittance service and remained significant.
The UN development Program estimate that 1.6 million remittance is sent back home annually by Somali immigrants living in North America and Europe