Tempo Money Transfer (TMT) is an initiative of a multinational company based in Paris of France which allows users send money to one another irrespective of continents. The service offers remission of funds sent by one person to the other in the receiving end.
The Paris-based company, looking to strengthen its brand name and increase its services to please more people has set up tents in Africa also. This means that we would also be able to enjoy this overseas money transfer signing.
Signing an agreement with British-based operator “JALLOH Enterprise”, TMT has opened business with services being offered from users sending money from France and Germany. The African beneficiaries of the company’s services are limited to six countries for now which are Nigeria, Gambia, Senegal, Guinea, Mauritana and Sierra Leone. The beauty of this service is that it has been made to be a two-way channel of transfer. This means that money can also be sent from these select African countries to France and Germany.
The president of the Tempo Money Transfer, Jeffrey Phaneuf, said “Development of money transfer corridors in Africa is an important task, given how much the population in the vast number of countries [in the continent] depends on the money, their loved ones send from Europe”.
Already sounding a strong brand presence by having over 150,000 centers in a hundred different countries, Tempo Money Transfer looks to slug it out in the African Market with competitors such as MoneyGram and Western Union. This move would create more and healthier competition in the market and would inadvertently lead to the crushing of the black market.