Franco-Tunisian Fintech My Easy Transfer Partners with Wafacash to Expand Distribution Network in Tunisia
The Franco-Tunisian fintech startup My Easy Transfer, which offers a simple and rapid money transfer solution for the diaspora, has signed a distribution partnership with Wafacash. This agreement will enable the company to expand its distribution network in Tunisia.
Founded in 2022 by brothers Ismaïl and Jabrane Khenissi, professionals with a background in computer science and finance who have worked for international banks, My Easy Transfer has recently been labeled via the Startup Act program. In 2023, the company raised €400,000 in funding from 216 Capital Ventures to increase its presence in new African countries. With a rapid growth rate, My Easy Transfer has already acquired over 10,000 clients in just one year of existence. It has successfully entered the Moroccan market and is now targeting other countries such as Mali, Senegal, and Cameroon, with a planned launch in the latter country this year.
In Tunisia, agreements with other payment institutions are expected, as they can be competitive in terms of fees, much more so than banks. The market size is promising, especially if the startup can offer a fast and affordable service. In Tunisia, remittances from abroad amount to €2.3 billion, while in Morocco, they reach €11 billion. Another challenge is the security of operations, a crucial factor in establishing trust among users. This has already attracted competition from other fintechs, particularly from Nigeria and Egypt, which are advanced in payment solutions and are closely eyeing the lucrative Maghreb market. It's up to us to capitalize on our own market.
